The Act’s intent to control and manage properties aligns with economic goals of minimising fraud and ensuring resources are used for public benefit
What has this era reduced to, where the State Government appears to be intent on curbing the wings of every Goan son of the soil while paving the way for an ambitious vision of Delhiite capitalism.
As one drives by the stretch of road from the Mandovi River across the Bridge and onto the Porvorim constituency, the majority of businesses visible across the entire length of road represent a shift from the honest Goan entrepreneurship onto high revenue, capitalist institutions which are predominantly owned by North Indian investors.
The previous government under late Manohar Parrikar was swift and discriminant in limiting access of Goans to the gambling areas of offshore casinos in the State.
But did the proactive leadership in the Cabinet ever find it necessary to introspect into the confluence of the support services that go into making Goa a tourism hub and how these interactions between non-Goans and hereditary Goans needs to be protected against the lens of selfishness that is often protracted by North Indian investors who set up businesses in Goa to serve North Indian tastes and consequently hire North Eastern usherers to make the enterprise appear completely devoid of Goan influence. In other words, attempting to turn Porvorim into another Lutyen’s Zone.
It is in the midst of this selfishness, that our Goan brothers and sisters are forced to involuntarily bear the wrath of adapting their professional and career inclinations in the service of selling Goa to the rest of India.
The next feasible option for a self respecting Goan who cherishes their own dignity, would be to pack their packs and head out to Europe on the strength of their burgundy Portuguese Passport.
To look at this phenomenon from a mere subjective lens would be an injustice and hence, the economics that govern employment in the State needs to be evaluated.
In developing economies like India, the debate between entrepreneurship and government service as career paths is ever-present. Both offer unique advantages and challenges, shaped by factors such as job security, income variability, and the broader economic landscape.
Appeal of
government jobs
Government jobs remain a popular choice among youth in developing countries due to their stability and structured benefits. In Goa, as in much of India, public sector positions offer predictable salaries, comprehensive welfare benefits and pensions, and a steady path for career progression. A government job’s appeal is not just financial; government employment carries social prestige and the assurance of a secure future, factors that heavily influence job-seeking behaviour in regions where private sector instability or economic volatility can be significant (McKinsey, 2022; National Institute on Retirement Security [NIRS], 2019).
Risky but
rewarding venture
On the other hand, entrepreneurship offers a vastly different pathway. While government jobs provide stability, entrepreneurship presents opportunities for wealth creation, innovation, and independence. Entrepreneurs can build businesses that not only generate income for themselves but also contribute to economic growth by creating jobs and developing new markets. The variability of income in entrepreneurship, however, is both its greatest strength and weakness. Successful ventures can yield profits far beyond a government salary, but failure is common, and many entrepreneurs face financial challenges that could be avoided in the public sector (Kuratko, 2019; McKinsey, 2022).
The recently enacted Goa Escheats, Forfeiture, and Bona Vacantia Act, 2024, represents a clear example of how government policy can influence both public and private sectors. For entrepreneurs, the presence of unclaimed properties becoming government assets might create opportunities in the real estate sector, particularly if the state invites private-public partnerships to develop these lands. Entrepreneurs with the capital and vision to propose innovative projects may find a niche where they can work within the regulatory framework to their advantage.
Conversely, for those who prefer the security of government jobs, the expansion of the state’s assets through the Act could translate into new employment opportunities within administrative roles, management of public properties, or the implementation of public works projects (Constro Facilitator, 2024).
Escheat, bona vacantia,
and economic growth
The Act’s intent to control and manage properties aligns with economic goals of minimising fraud and ensuring resources are used for public benefit. While government employees can rely on structured policies like this for job creation and professional growth, entrepreneurs could benefit if the state supports initiatives that utilise these properties for commercial development. However, a balance must be struck; over-regulation or excessive government control can sometimes stifle private investment, deterring entrepreneurs who prefer a more flexible, less bureaucratic environment (Prop News Time, 2024).
Implications for
Goa’s economy
Goa’s proactive legislative approach to escheat and bona vacantia demonstrates a broader trend of governance and economic management aimed at optimising public and unclaimed assets. By consolidating control, the government intends to prevent fraudulent property claims, ensuring these lands are not misused. For the state’s economy, this could mean improved infrastructure and more regulated urban and rural development, providing fertile ground for entrepreneurship if policies encourage private investment.
Entrepreneurs who adapt to this evolving landscape—leveraging both the legal frameworks and financial incentives available—can drive economic growth. As the legislation unfolds, it will be crucial for both aspiring entrepreneurs and government employees to understand the evolving landscape, assess the risks and rewards, and position themselves strategically for long-term success.
Applying the Nobel Prize winning theories of both Abhijit Banerjee through the evidence-based approach in alleviating poverty and the microlending model by Muhammad Yunus to provide a comprehensive strategy to combat entrepreneurship scarcity in the States of developing countries such as Goa and by combining access to microfinance with rigorously tested interventions and support services, the State Government could create an environment that not only encourages entrepreneurship but also maximises the chances of success for new businesses, ultimately contributing to sustainable economic growth (Banerjee & Duflo, 2011; Yunus, 2007).
