MARGAO: In the session titled "Global Economic Outlook and Financial Markets," Damodar Kochkar, former President of the Verna Industrial Estate, presided over as participants presented their viewpoints with passion and precision.
Kingshuk Sarkar, Associate Professor at Goa Institute of Management, when asked for his views on the state of the global economy, said that the world economy had not yet recovered to pre-Covid times. Factors such as Cpvid-19, the Ukraine war, and the humanitarian crisis in Gaza have contributed to this situation. The global growth rate was at 2.4%, with an expected increase to 3.20% next year. Discussing global inflation, he mentioned that it was currently at 5.8% and expected to drop to 4.2% in 2025, with central banks working to keep inflation down.
Satish Kottakota, CFO of Tharka Inc., expressed confidence in India's growth and suggested that Goa would need to make itself more attractive to investors.
The third speaker in this panel, Wency Mendes, a researcher and documentary filmmaker, emphasized the importance of land and water for the people of Goa. Kingshuk added that Goa was still searching for a post-mining solution and highlighted the need to diversify into manufacturing, which had not yet happened due to a lack of land policy.
He suggested that Goa could learn from places like Macau and replicate their success. However, Wency argued that the perception of Goa having the highest per capita income was flawed due to strong class and caste distinctions in the statistic. He also mentioned that the startup ecosystem in Goa was process-driven.
Regarding the path forward, Kingshuk emphasised the importance of eco-friendly practices and the need for collaboration with the government. Satish suggested that Goa should focus on attracting manufacturing, IT, and other industries to set up operations in the State.