SHWETA KAMAT
shweta@herald-goa.com
PANJIM: The government’s much-hyped and ambitious ‘Goa Investment Promotion’ concept appears to be functioning like a Special Purpose Vehicle to clear hotel projects, many is eco-sensitive areas.
The sector has contributed nearly 42 per cent of the Rs 7204 crore investment in the State over the last one year. On the other hand, the State has failed to attract high-end manufacturing and pharma units, with new units contributing a partly Rs 715.69 crore since November 2014.
In the past year, the Investment Promotion and Facilitation Board (IPB), chaired by Chief Minister Laxmikant Parsekar, has approved investment worth Rs 3338.96 crore in expansion projects, which is almost 46 per cent of the total investment the State has attracted. This includes Vedanta Resources’ Rs 1225 crore pig iron plant expansion.
Moreover, in so-called promotion of consumption of alcohol, the Board has cleared three distillery and brewery projects, with an investment of Rs 129.87 crore.
IPB, constituted in October 2014, has till date held nine meetings, granting in principle approval to 72 projects with an investment of around Rs 7204.37 crore. This includes 35 units – new and expansions in the manufacturing sector, 19 hospitality projects – hotels, eco-tourism and shopping malls, 12 pharma units – expansions and new, two educational units and one project each under the service and warehousing sector.
As per information, the hospitality sector has brought in Rs 3012.91 crore which includes Rs 700 crore from the two marina projects (Rs 500 and Rs 200) and Rs 750 crore five-star project by Ozone Leisure and Resort Pvt ltd at Vanxim. Of the 19 hospitality projects, 14 are hotel cum resort projects, (Rs 2843.41 crores) while three are of eco-tourism projects (Rs 114.50 crores) and one is a shopping mall ( Rs 55 crores)
Almost all 14 projects in the hotel industry are four-star and five-star properties. All the projects have been proposed in the coastal belt, concentrating in places like Ashvem, Calangute, Varca, Vanxim, Benaulim, etc. The eco-tourism projects coming up are at Pernem, Sanguem and Quepem talukas.
In the manufacturing sector, IPB has cleared 34 projects which include 10 new units with a total investment of Rs 504.34 crore. The only big investment here is production of health drinks by Barmalt Malting (India) Pvt Ltd, with an investment of Rs 250 crore. Apart from this, there is the controversial alcohol unit by Vani Agro with an investment of Rs 111.37 crore. The other new units are include laundry, fish meal, draught beer, ship building and brewery.
On the other hand, the pharma sector continued to reel under an investment crunch. With 12 projects being cleared by IPB, the sector managed to attract only four new units with a investment of Rs 211.35 crore. Eight units have been granted permission for further expansion of their plants.
