The Goa State Incentives to Encourage Investments Scheme

Frequently Asked Questions

Who launched The Goa State Incentives to Encourage Investments Scheme?

The scheme was officially launched by the Directorate of Industries, Trade and Commerce (DITC), Government of Goa, as part of their efforts to promote industrial growth and investment in the state.

What are the primary objectives of this scheme?

The scheme aims to achieve several key objectives: to create sustainable employment opportunities for the people of Goa, to support environmentally sustainable industrial development, to accelerate investment within the state, to enhance the competitiveness of existing industries in Goa, and to provide the benefits of Investment Policy schemes to eligible beneficiaries in a timely and efficient manner.

What is the maximum financial assistance available under this scheme?

The maximum cumulative financial benefit for eligible units is 50% of their cumulative capital investment. This can be increased to 70% of the cumulative capital investment if the unit is located in one of Goa's designated lesser developed talukas. Additionally, women, Scheduled Caste (SC), and Scheduled Tribe (ST) entrepreneurs can receive an extra 10% benefit on top of these percentages.

Which types of units are eligible for this scheme?

The scheme is open to new or existing manufacturing units that are classified under the Micro or Small sector. Eligibility also depends on their production start date (on or after October 1, 2017) or whether they have undertaken substantial expansion, or if they are existing units that haven't fully exhausted benefits from older schemes.

How does the application process work for this scheme?

Applications for the scheme are accepted offline. The process involves an initial registration under the Umbrella Scheme using a common application form (Schedule ‘E’), followed by filing a specific application for the relevant Target Scheme with the Director, DITC. The application for target schemes must be submitted as per prescribed proforma and within specified timelines, usually detailed in Schedule A of the scheme guidelines.

What is the fund sanction and disbursement process?

Submitted applications are first scrutinized and recommended by a Task Force Committee. Based on their recommendation, a competent financial authority will sanction or reject the benefits within one month. Financial sanctions are tiered: up to ₹10 lakh by the Director, up to ₹20 lakh by the Secretary, and amounts above ₹20 lakh by the Government. Funds are then disbursed directly to the beneficiary's bank account from the DITC within fifteen days of receiving the sanction order, subject to fund availability and submission of all required documents and a self-declaration.

The Goa State Incentives to Encourage Investments Scheme, spearheaded by the Directorate of Industries, Trade and Commerce (DITC) of the Government of Goa, is a pivotal initiative designed to bolster industrial growth and foster a robust economic environment within the state. Its core objectives are multifaceted: to stimulate job creation by generating sustainable employment opportunities for Goan residents, to champion environmentally conscious industrial development, and to accelerate overall investment into the state. Furthermore, the scheme aims to enhance the competitive edge of Goa's existing industrial base and to ensure that beneficiaries receive the advantages of various Investment Policy schemes in a streamlined and timely manner. This comprehensive program provides crucial financial support for units, whether they are newly established or undergoing substantial expansion, addressing different phases of business growth and investment needs. The scheme is crucial for promoting economic diversification and sustainability in Goa's industrial landscape, ensuring that both emerging and established enterprises have the necessary impetus to thrive and contribute to the state's prosperity. It covers various categories of units, including those starting production recently or those that have expanded significantly, making it adaptable to different business scenarios within the manufacturing sector.

The selection process for The Goa State Incentives to Encourage Investments Scheme involves a multi-stage evaluation. Initial applications, filed after registration under the Umbrella Scheme, are first reviewed by the Task Force Committee (TFC). This committee, comprising senior officials including the Chief Executive Officer of the Goa Investment Promotion and Facilitation Board as Chairman and the General Manager (DIC) of the Directorate of Industries, Trade and Commerce as Member Secretary, thoroughly scrutinizes each submission. The TFC's primary role is to assess the eligibility and merit of the applications and then to formulate recommendations regarding the benefits to be granted under the specific target schemes. Following the TFC's recommendations, the application moves to the financial sanction stage. Here, the final approval or rejection of benefits is made by the competent financial authority. This authority varies based on the amount of sanction requested: the Director of Industries, Trade and Commerce handles amounts up to ₹10,00,000, the Secretary, Department of Industries, handles amounts up to ₹20,00,000, and the State Government approves any benefits exceeding ₹20,00,000. This tiered approach ensures appropriate oversight for different levels of financial commitment. The entire sanctioning process is designed to be completed within one month of the TFC's recommendation.

The Goa State Incentives to Encourage Investments Scheme

The Goa State Incentives to Encourage Investments Scheme

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