Tag: Goa Economy

Business

Mining-Affected Borrowers in Goa Urged to Be Given Lenient Treatment by Banks

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Written by Intern Rency Gomes || Team Allycaral 

Speaking at a function organised by a prominent bank, Chandrakant Gawas, Chair of the GCCI Logistics Committee, urged financial institutions to take a lenient and supportive view of borrowers affected by the prolonged downturn in Goa’s mining sector. Highlighting the gradual revival of mining operations, he stressed the need for banks to rework stressed assets, restructure loans, and consider fresh contracts to aid the sector’s recovery.


Gawas noted that mining plays a significant role in Goa’s economy and that years of halted operations have severely impacted borrowers linked to the sector. With mining activity resuming, he said it was an opportune moment for lenders to revisit stressed accounts and adopt solutions that benefit both borrowers and financial institutions.

According to available data, four mining blocks are currently operational in Goa, with iron ore production expected to cross 10 million tonnes in the current financial year. The mining sector has an estimated ₹5,000 crore worth of loans classified as stressed assets, affecting nearly 1,500 borrowers who continue to face repayment challenges due to the earlier downturn.

He also acknowledged the proactive efforts of Chief Minister Dr Pramod Sawant in supporting mining-affected borrowers. Gawas noted that the Government of Goa has rolled out several relief measures aimed at easing financial distress and reviving livelihoods in mining-dependent regions.

These measures include the extension of the debt relief scheme with a 35 per cent loan subsidy, full waiver of interest, and partial waiver of principal amounts—up to 40 per cent for truck owners and 30 per cent for barge owners. Financial assistance amounting to ₹147.73 crore has been provided to 6,999 truck owners, while ₹20.96 crore has been extended to 2,000 mining-affected workers. Additionally, mining leases are being made operational in phases to enable employment revival by 2026, and District Mineral Foundation (DMF) funds are being utilised for infrastructure development, water supply, and desilting of agricultural land in mining-affected areas.

Emphasising a collaborative approach, Gawas urged banks to avoid coercive recovery measures and instead focus on sustainable solutions. He appealed to lenders to rework stressed assets with flexible repayment terms, restructure loans based on fresh contracts and production forecasts, avoid liquidation of pledged assets where possible, and adopt a lenient outlook aimed at long-term recovery. He also called for greater focus on supporting borrowers in mining-dependent rural areas.

The appeal, he said, is intended to foster cooperation between banks, borrowers, and the government, ensuring that the revival of mining translates into broader economic recovery for Goa.

Business

Industries Minister Shri Mauvin Godinho Attends 2nd Goa Developers’ Summit 2025 at BITS Pilani

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Panaji, October 2025: The 2nd Goa Developers’ Summit 2025 was successfully held at BITS Pilani, Goa Campus, marking another milestone in the state’s journey toward innovation-led growth. The event was attended by Industries Minister Shri Mauvin Godinho, who emphasized the importance of nurturing Goa’s technology ecosystem and supporting start-ups and developers to build a sustainable industrial future.

The summit was jointly organised by the Goa Chamber of Commerce & Industry (GCCI), the Government of Goa, the Directorate of Technical Education, and the Directorate of Higher Education. The collaboration aimed to create a bridge between academia, industry, and governance — fostering a shared vision for Goa’s economic transformation.

Key sessions focused on topics such as digital transformation, industrial growth, AI and data-driven development, education reforms, and skill-based employability. Industry experts, educators, and policymakers shared insights on creating an environment conducive to innovation and entrepreneurship.

Speaking at the event, Shri Mauvin Godinho lauded the collective efforts of Goa’s development community and underlined the government’s commitment to empowering youth through skill development and digital opportunities.

The Goa Developers’ Summit 2025 highlighted the synergy between technology and industry as the foundation for Goa’s sustainable and inclusive progress.

📖 Read the full coverage on allycaral.com — Connecting Global.

Finance

Dr. Pramod Sawant Chairs EDC Limited Board Meeting; ₹77 Crore Profit Before Tax Approved for FY 2024-25

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Chief Minister Dr. Pramod Sawant chaired the 405th Board Meeting of EDC Limited, reinforcing the government’s commitment to transparency, accountability, and performance in public sector undertakings.

At the meeting, the Board approved the Consolidated Accounts for the Financial Year 2024-25. EDC Limited reported ₹137 crore in revenue and ₹60 crore in expenses, resulting in a Profit Before Tax of ₹77 crore. This strong financial performance underscores the effective governance and strategic financial management employed under the leadership of Dr. Sawant and the Board.

The profitability of EDC Limited is a testament to its significant role in promoting entrepreneurship, industrial development, and financial support in the state of Goa. These results not only reflect sound fiscal discipline but also the broader vision of sustainable and inclusive economic growth envisioned by the government.

Dr. Pramod Sawant continues to lead from the front, ensuring that institutions like EDC Limited contribute meaningfully to the state’s development goals and economic self-reliance.

EduConnect

Goa Chamber of Commerce and Industry Hosts IIFT Students for Trade and Documentation Session

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Written by Intern Queeny George M.H , Team Allycaral

The Goa Chamber of Commerce and Industry (GCCI) today welcomed a group of 44 students from the Indian Institute of Foreign Trade (IIFT), along with faculty coordinators led by Dr. Siddharth Shankar Rai, for an immersive academic session as part of their port visit programme in Goa.

The Indian Institute of Foreign Trade, established in 1962 under the Ministry of Commerce and Industry, is one of India’s premier B-schools with global AACSB accreditation. Renowned for its specialized focus on international trade, the institution places strong emphasis on real-world exposure through industry visits and experiential learning modules.

The session began with a warm welcome by Mr. Kiran Ballikar, Director at GCCI, who introduced the Chamber’s ongoing efforts to support trade and industrial growth in the region. He highlighted the strategic role played by GCCI in promoting Goa’s business interests at a regional and national level.

Following this, Ms. Pallavi Arondekar, Director, GCCI, offered an overview of Goa’s historical trade connections, tracing the state’s long-standing economic linkages across the Indian Ocean and beyond. She also shed light on Goa’s current economic landscape, including tourism, mining, shipping, and manufacturing.

A key highlight of the session was a detailed explanation by Ms. Sanheeta Naik, Information Officer at GCCI, on the process and importance of Certificates of Origin, a critical component in international trade that ensures the authenticity of exported goods. Her explanation was supplemented by an engaging talk from Mr. Bikash Singh, a seasoned expert in global logistics and trade compliance, who discussed the real-world applications of documentation in international trade and the complexities of supply chain regulations.

The event was compered by Ms. Ambika Dhakhenkar, Deputy Director at GCCI, ensuring the smooth flow of the session and coordinating the engaging interactions between speakers and students.

The session concluded with a heartfelt vote of thanks by Dr. Rai, who expressed appreciation to the Goa Chamber of Commerce and Industry for facilitating a learning-rich experience. He acknowledged the value such industry interactions bring to IIFT students in preparing them for leadership roles in global trade and commerce.

The visit marks another successful academic-industry collaboration and reinforces the role of institutions like GCCI in nurturing future talent in international business.

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Water Sports Activities in Goa to Resume from September 15: Rohan Khaunte

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Goa’s tourism sector is set to receive a major boost as water sports activities will resume from September 15, Tourism Minister Rohan Khaunte announced.

The Minister met with members of the Goa Water Sports Association, assuring them that the government remains committed to protecting the livelihoods of Goans who depend on the industry.

Referring to the current sea conditions, Khaunte said the restart date has been fixed in alignment with safety requirements and weather patterns. The monsoon season, which often brings rough seas, usually leads to the suspension of water sports across the state’s beaches for several months.

The announcement has come as a relief to operators and workers engaged in water sports such as parasailing, jet skiing, banana boat rides, and other adventure activities that attract thousands of tourists each season.

Tourism stakeholders are hopeful that the resumption will help revive visitor interest and provide a timely boost ahead of Goa’s festive and peak tourism season.