The Goa Investment Promotion Board (GIPB) has submitted a proposal for special incentives to the state government, targeting major investments from companies including Vedanta, IFB, Siemens, Syngenta, and 3B Advanced Composites. The proposal was discussed with Chief Secretary V Candavelou and focuses on large-scale projects that could significantly boost the state's economy.
Investment Details and Company Demands
According to government officials, Vedanta is planning to invest approximately Rs 700 crore in Goa. Meanwhile, 3B Advanced Composites intends to invest around Rs 350 crore to expand its existing plant for glass-reinforced composite materials and technical textiles. Syngenta BioSciences is establishing a research and development facility in Goa with an investment of over Rs 100 crore for a lab dedicated to research on fertilisers and chemicals.
Companies have requested special incentives commensurate with the scale of their investments. IFB is specifically seeking GST reimbursement. An official explained that most companies aim to recoup at least half of their investment through various incentives. For instance, if a company invests Rs 100 crore, it expects to receive at least Rs 50 crore back via GST waiver or reimbursement, salary reimbursement, or other incentives. These benefits may be spread over a period to make the investment strategy more cost-effective for the companies.
Previous Incentive Offers and Current Negotiations
In his 2025 budget speech, Chief Minister Pramod Sawant announced special incentives for investments exceeding Rs 5,000 crore, including full SGST reimbursement for five years, a 50% waiver on stamp duty and registration, and subsidies on amenities for five years. However, no project materialised under that scheme. Despite this, the government has continued discussions on a special package for large investments.
Officials noted that some companies are requesting waivers on electricity duty and fees, as well as tax returns. An official remarked, "Today, companies are willing to go to any part of the country where there are good incentives. Companies like IFB have options in other states. Vedanta may not leave Goa, but the larger companies are not looking at Goa in an exclusive manner."
The GIPB's proposal aims to ensure that Goa remains competitive in attracting major industrial investments, balancing the state's fiscal considerations with the need to provide attractive packages to secure large-scale projects.
