Goa has developed in terms of trade and commerce recently and in the latest survey in Ease of Doing Business ranking it secured 19th position against the 21st position that it had occupied last year.
This improvement is not significant but it is not bad. Goa still needs to go a long way in order to rank among the best states of India that are business friendly.
A great positive sign is shown by West Bengal. The state was supposed to be not business friendly but now it has increased its response towards business and startups and IT sector and in terms of BRAP (Business Reforms Action Plan) the percentage that is held by West Bengal is 94.70 percent. Goa at present is standing at 57.4 percent which is quite low than the percentage that is occupied by other states. Topping the list is state of Andhra Pradesh and Telangana followed by Haryana in terms of BARP.
In order to achieve the level of other state there is greater uphill battle that Goa has to fight in order to make the state business friendly and eliminate the issue that entrepreneurs are facing here.
In order to gain the ranking it is important the state government of Goa gives a greater stress on the development of IT sector. The states are having a good rank due to the steady development of IT sector. So, if the state wants to see itself rising above the problems then it must take necessary steps to expand the IT sector by bringing in companies and accelerating startups.
StartUp Policy that has been introduced by the state government of Goa is not
a well marketed one and has not been able to contribute much in giving
entrepreneurs the impetus to be innovative and risk taking. The
response has been quite cold which calls for renewal or revision of the policy.
There could also be better marketing done so that the policy is used by more
and more people.
Another major loophole that has been identified is that there is stagnation that is faced by business owner’s after the business has been given a green signal. This means that State is friendly in letting the startup take its first step but soon the process that follows is hard to get over with. This has frustrated most of the entrepreneurs and they tend to wind up their business in Goa. Here the issue is with the policy with which the state is functioning. If the industrial and commercial policies are changed then chances of Goa making progress like West Bengal and Haryana is quite high.
Goa needs to get a better rank in ease of doing business ranking. As Goa is very well developed in terms of tourism, there is a lot of potential that is there within Goa. One thing that can be done is applying the business models of state of Telangana and Andhra Pradesh that has been doing quite well in startups. Business consultants in Goa needs need to be set up so that they can act as the guiding body to the young and fresh entrepreneurs. Through business consultants in Goa, the entrepreneurs will also get a help in going through the process easily and get the legal matters finish faster. Government should set up state funded business consultants.