The Goa Management Association (GMA) hosted its annual flagship programme on the Goa State Budget on Friday, 4 April 2025, at the Goa Science Centre auditorium in Miramar, Panaji.
The Goa State Budget for 2025-26 was presented in the Goa Assembly on 26 March 2025, following which GMA organised this annual panel discussion to analyse and interpret the state’s budget. A thought-provoking panel discussion titled Decoding Goa Budget 2025 explored the implications of the recently presented Goa State Budget.
The event brought together leading voices from academia, industry, tourism, and finance to engage with an audience of professionals, academicians, and students. The panel consisted of Prof Manoj S. Kamat, Principal, S S Dempo College of Commerce and Economics, Mr Jack Sukhija, President, Travel and Tourism Association of Goa, Mr Chirag Naik, Director, Commonwealth Developers Pvt. Ltd. and CA Gaurav Kenkre, Past Chairman, ICAI Goa. CA Rohan Bhandare, Hon Secretary of GMA and Chairman, GCCI Taxation Committee, moderated the panel discussion.
The session commenced with a warm welcome by GMA Vice Chairman Mr Rajesh Mehrotra, who set the tone for the evening by highlighting GMA’s Golden Jubilee celebrations. He also invited the audience to participate in the upcoming events and initiatives planned throughout the milestone year.
In his opening remarks, Mr Bhandare pointed out the relevance of such a discussion at the start of the financial year, especially in light of global uncertainties such as US tariffs and the evolving economic climate. He highlighted key infrastructure allocations in the Goa Budget and outlined some key features.
Prof Manoj S Kamat, Principal, SS Dempo College of Commerce and Economics, offered an economist’s perspective. While noting the presence of a revenue surplus in the budget, he cautioned that it doesn’t reflect extraordinary fiscal health, especially in the presence of a continuing fiscal deficit and a carried-over revenue deficit of ₹623 crore. He highlighted the imbalance in budgetary allocations, pointing out that tourism, a major economic driver for Goa, received only 1.22% of the total outlay, even as its contribution to GSDP stands at 2.2%. On the brighter side, he acknowledged better allocations for higher education (15%), though concerns remain regarding the 8% allocation for general education.
Mr Jack Sukhija, President of the Travel and Tourism Association of Goa (TTAG), welcomed the ₹440 crore allocation for the tourism sector and emphasised recent improvements in ease of doing business (EoDB), resulting in increased registrations. He appreciated the government’s focus on convention tourism through infrastructure developments, including a planned Convention Centre to cater to meetings and weddings. However, he emphasised that challenges persist, ranging from the lack of app-based transport services, inadequate waste management, the need to beautify beach belts and better wayside amenities. He underscored the opportunities in promoting medical tourism, particularly in areas like dental care and Ayurveda, while also flagging concerns around land acquisition and misleading policy interpretations.
Mr Chirag Naik, Director of Commonwealth Developers Pvt. Ltd., brought in a critical view from the real estate and infrastructure sector. He described the real estate sector as one of the fastest-growing but lamented that the budget offered only “cosmetic changes.” Using a cricket metaphor, he said, “This budget could have been a century, but it is retired hurt at 35.” He pointed out systemic inefficiencies and questioned the actual ease of doing business, citing issues around sewage, garbage management, and traffic congestion. He noted a glaring absence of focus on the electronics and pharmaceutical sectors and raised concerns about high infrastructure-related costs, such as the costs for getting a Sanad and infrastructure tax, which are not matched by adequate governmental support.
CA Gaurav Kenkre, Past Chairman of ICAI Goa, examined the fiscal dynamics of the budget. He acknowledged the achievement of a revenue surplus and low borrowings (₹1,000 crore), while also noting Goa’s respectable national rankings—3rd on the Fiscal Health Index and 4th on the Sustainability Index. However, he questioned the underlying assumptions and feasibility of the budget’s intentions. He highlighted the high dependence on GST, which contributes nearly 60% of Goa’s tax revenue, and the relatively modest projected growth of just 10%. CA Kenkre also noted that while the budget does talk about education, skilling, and end-of-line jobs, clarity is lacking on EoDB and implementation metrics such as Action Taken Reports (ATRs).
The discussion concluded with a dynamic Q&A session, where the audience engaged the panelists on various aspects of the budget’s impact across sectors. Across the board, panelists agreed that while the Goa Budget 2025-26 has made promising announcements, particularly in tourism, education, and capital investment, execution and clarity remain key challenges. There was a shared call for greater accountability, actionable reforms, and a long-term vision to leverage Goa’s unique socio-economic strengths.
Mr Virendra Acharya, Hon Treasurer, concluded the event with his summary of the proceedings and deliberations, calling upon the audience to actively participate in the GMA event calendar. He expressed his thanks to all the panelists, audience and other stakeholders. He invited the office bearers and the past presidents to present a memento each to the panelists and the moderator for their participation in the event.
As Goa enters a new fiscal year, the GMA continues to play an important role as a platform for informed dialogue and policy discourse, bringing together diverse voices to reflect, debate and drive development.
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