The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each.

With 1.5 million people living in just 3,702 square kilometres, Goa is the fourth-smallest state by population size and the smallest in terms of land area.

While its geography and demography may seem insignificant compared to India's larger states, Goa presents an unparalleled socio-economic profile.

Here are seven key socio-economic facts on Goa:

1) It is the richest state in India, in terms of per capita income. The state enjoys a per capita income of about Rs 6.75 lakh (over $8,000). This is nearly three times higher than India's estimated per capita income of $2731. Meanwhile, Goa's total Gross State Domestic Product is a little over Rs 1 lakh crore or over $12 billion.

2) The state government's advance estimate puts the growth rate for 2023-24 at 13.73 per cent. In the ongoing fiscal year, which ends on March 31 next year, Goa's economy is projected to grow by 13.87 per cent. This is higher than India's estimated 7.6 per cent growth rate in 2023-24.

3) Goa is among the best-performing states in India's Social Progress Index. With a score of 65.53, the state is the third-best after Puducherry and Lakshadweep. In fact, the coastal state has the highest score in the 'Water and Sanitation' component of the index, which measures social progress through the dimensions of 'Basic Human Needs', 'Foundations of Wellbeing', and 'Opportunity'.&nbsp;

4) Goa has performed remarkably well in reducing poverty in the last decade. As per NITI Aayog's National Multi-dimensional Poverty Index report, the multi-dimensional poverty rate has fallen from 3.76 per cent in 2015-16 to 0.84 per cent in 2019-21. The state has the second-lowest poverty rate, behind the southern state of Kerala.&nbsp;

5) Tourism is the backbone of Goa's economy, contributing over 16 per cent to the state GDP and employing at least one-third of the population. The state welcomed over eight million visitors last year. Over 4,00,000 of them were foreign tourists - a 130 per cent increase compared to 2022.

6) Apart from tourism, mining was the mainstay of Goa's economy until 2018, when India's Supreme Court quashed 88 mining licenses due to irregularities and illegal mining. At one point, mining contributed about 20 per cent to the state's GDP. However, by 2022, its share in GDP fell to about four per cent. The sector also employed - directly or indirectly - about a quarter of the population.

7) The state ranks 16th in the latest edition of the Export Preparedness Index. With 51.68 points, Goa has the highest rank among the nine smaller states and Union Territories. Moreover, it has a perfect score in the sub-categories of 'Export Promotion Policy' and 'Institutional Framework', indicating a strong possibility of future export growth.&nbsp;

The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each.

The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each. With 1.5 million people living in just 3,702 square kilometres, Goa is the fourth-smallest state by population size and the smallest in terms of land area. While its geography and demography may seem insignificant compared to India's larger states, Goa presents an unparalleled socio-economic profile. Here are seven key socio-economic facts on Goa: 1) It is the richest state in India, in terms of per capita income. The state enjoys a per capita income of about Rs 6.75 lakh (over $8,000). This is nearly three times higher than India's estimated per capita income of $2731. Meanwhile, Goa's total Gross State Domestic Product is a little over Rs 1 lakh crore or over $12 billion. 2) The state government's advance estimate puts the growth rate for 2023-24 at 13.73 per cent. In the ongoing fiscal year, which ends on March 31 next year, Goa's economy is projected to grow by 13.87 per cent. This is higher than India's estimated 7.6 per cent growth rate in 2023-24. 3) Goa is among the best-performing states in India's Social Progress Index. With a score of 65.53, the state is the third-best after Puducherry and Lakshadweep. In fact, the coastal state has the highest score in the 'Water and Sanitation' component of the index, which measures social progress through the dimensions of 'Basic Human Needs', 'Foundations of Wellbeing', and 'Opportunity'. 4) Goa has performed remarkably well in reducing poverty in the last decade. As per NITI Aayog's National Multi-dimensional Poverty Index report, the multi-dimensional poverty rate has fallen from 3.76 per cent in 2015-16 to 0.84 per cent in 2019-21. The state has the second-lowest poverty rate, behind the southern state of Kerala. 5) Tourism is the backbone of Goa's economy, contributing over 16 per cent to the state GDP and employing at least one-third of the population. The state welcomed over eight million visitors last year. Over 4,00,000 of them were foreign tourists - a 130 per cent increase compared to 2022. 6) Apart from tourism, mining was the mainstay of Goa's economy until 2018, when India's Supreme Court quashed 88 mining licenses due to irregularities and illegal mining. At one point, mining contributed about 20 per cent to the state's GDP. However, by 2022, its share in GDP fell to about four per cent. The sector also employed - directly or indirectly - about a quarter of the population. 7) The state ranks 16th in the latest edition of the Export Preparedness Index. With 51.68 points, Goa has the highest rank among the nine smaller states and Union Territories. Moreover, it has a perfect score in the sub-categories of 'Export Promotion Policy' and 'Institutional Framework', indicating a strong possibility of future export growth.

Lok Sabha Elections 2024: Understanding Goa's economy beyond the beaches

Goa is known for its exotic beaches and pristine natural beauty. The state is among the top tourist destinations globally. But Goa is much more than a tourism hub. On pollnomics, we bring you the little known aspects of the state's economy.

Goa enjoys highest per capita income, high standard of living

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Lok Sabha Elections 2024: Understanding Goa's economy beyond the beaches

Goa enjoys highest per capita income, high standard of living