West India is known for Tourism. Western India comprises of the states of Goa, Gujarat, Maharashtra, Madhya Pradesh and the union territory of Daman and Diu. It is mostly famous for places like Mumbai, Goa, Rann of Kutch, the cave temples of Ajanta and Ellora and the Wildlife Sanctuaries in Gujarat and Madhya Pradesh.
Goa – The major industries include mining and pharmaceuticals. Goa also stands out for its high literacy rate. Goa’s economic success has perhaps kept the state from pursuing vigorously the same level of foreign investment as other states. Tourism is the highest contributor to GSDP in the service sector. Major minerals produced in Goa include manganese, ferro-manganese, bauxite and silica sand. Goa is also one of India’s top producers of iron ore. Navigating environmental interests is a key economic challenge for the state. Goa’s strong social development indicators reflect the state’s wealth. Despite its high performance across social and economic indicators, Goa is not counted among the easiest states in which to do business in India; attracting foreign capital, particularly if Goa plans to improve the productivity of its mining sector and increase other areas of industrial production, will depend on Goa transforming its business culture and approvals processes.
Gujarat – Located on India’s west coast as a gateway to both India’s landlocked northern states and to seaborne export markets, Gujarat is India’s fifth largest state economy. Its above average
per capita income, mercantile culture and wide diaspora plugged into global trading networks make Gujarat a major drawcard for foreign investors. Gujarat receives significant political and economic attention. Foreign investment has come off the peak seen during Modi’s tenure as Chief Minister – but remains relatively high – and job creation, particularly for young people, is slow.
Maharashtra – Maharashtra is India’s second most populous state and its most economically advanced. Its capital Mumbai serves as India’s premier commercial and film hub, akin to combining New York and Los Angeles in one city. Mumbai is the fulcrum of India’s prosperous western region, headquarters for national financial institutions and regulators as well as the gateway for imports into western India. It is the wealthiest city in South Asia, home to more than 46,000 millionaires. Maharashtra remains a good place to do business, although it has fallen outside the top five states in annual rankings.
Daman and Diu – Primarily the economy is based on fishery and agriculture but increasing tourism of late is significantly contributing to the economy of this Union Territory. Being a Union Territory, Daman enjoys a lot of tax concessions which makes it the investors favoured destination. Daman is on the mainland near the southern portion of Gujarat and Diu is an island near Junagadh district in Gujarat. Major industries present in the region are polyester and cotton yarn, plasticisers, paper petroleum byproducts, pharmaceuticals, plastics, electrical conductors and marble tiles.
Dadar and Nagar Haveli – The business and economy of Dadra and Nagar Haveli is dependent on agriculture. The chief crops cultivated in the region are paddy, wheat, jowar, ragi, small millets, oilseed and sugarcane. Vegetables that are ploughed in the arable lands comprise of tomato, brinjal, cauliflower and cabbage. The economy of Dadra Nagar Haveli and Daman Diu revolves around the agriculture sector. Around 60% of the working population of the Union Territory depends upon agriculture as their source of income. Apart from the agricultural sector, Dadra Nagar Haveli and Daman Diu have multiple manufacturing industries.
Goa – The major industries include mining and pharmaceuticals. Goa also stands out for its high literacy rate. Goa’s economic success has perhaps kept the state from pursuing vigorously the same level of foreign investment as other states. Tourism is the highest contributor to GSDP in the service sector. Major minerals produced in Goa include manganese, ferro-manganese, bauxite and silica sand. Goa is also one of India’s top producers of iron ore. Navigating environmental interests is a key economic challenge for the state. Goa’s strong social development indicators reflect the state’s wealth. Despite its high performance across social and economic indicators, Goa is not counted among the easiest states in which to do business in India; attracting foreign capital, particularly if Goa plans to improve the productivity of its mining sector and increase other areas of industrial production, will depend on Goa transforming its business culture and approvals processes.
Gujarat – Located on India’s west coast as a gateway to both India’s landlocked northern states and to seaborne export markets, Gujarat is India’s fifth largest state economy. Its above average
per capita income, mercantile culture and wide diaspora plugged into global trading networks make Gujarat a major drawcard for foreign investors. Gujarat receives significant political and economic attention. Foreign investment has come off the peak seen during Modi’s tenure as Chief Minister – but remains relatively high – and job creation, particularly for young people, is slow.
Maharashtra – Maharashtra is India’s second most populous state and its most economically advanced. Its capital Mumbai serves as India’s premier commercial and film hub, akin to combining New York and Los Angeles in one city. Mumbai is the fulcrum of India’s prosperous western region, headquarters for national financial institutions and regulators as well as the gateway for imports into western India. It is the wealthiest city in South Asia, home to more than 46,000 millionaires. Maharashtra remains a good place to do business, although it has fallen outside the top five states in annual rankings.
Daman and Diu – Primarily the economy is based on fishery and agriculture but increasing tourism of late is significantly contributing to the economy of this Union Territory. Being a Union Territory, Daman enjoys a lot of tax concessions which makes it the investors favoured destination. Daman is on the mainland near the southern portion of Gujarat and Diu is an island near Junagadh district in Gujarat. Major industries present in the region are polyester and cotton yarn, plasticisers, paper petroleum byproducts, pharmaceuticals, plastics, electrical conductors and marble tiles.
Dadar and Nagar Haveli – The business and economy of Dadra and Nagar Haveli is dependent on agriculture. The chief crops cultivated in the region are paddy, wheat, jowar, ragi, small millets, oilseed and sugarcane. Vegetables that are ploughed in the arable lands comprise of tomato, brinjal, cauliflower and cabbage. The economy of Dadra Nagar Haveli and Daman Diu revolves around the agriculture sector. Around 60% of the working population of the Union Territory depends upon agriculture as their source of income. Apart from the agricultural sector, Dadra Nagar Haveli and Daman Diu have multiple manufacturing industries.