‘Shit this investment is going to die…’: CEO’s grim take on Goa’s tourism bust

Goa, India’s tourism magnet, is now struggling with an alarming decline. Shantanu Deshpande, CEO of Bombay Shaving Company, described the concern in a LinkedIn post. Social media has broken word-of-mouth cycles year after year.”

Once-bustling bars are now empty, cabins are silent and events are neglected, he wrote, adding that this decline is happening because many investors who bought vacation homes at high yields remain dubious. make their choice.

“What they say. “We are so happy that Goa will become quiet and peaceful without the noisy hordes of tourists.” What they really feel. I also have no desire to go to Goa,” Deshpande wrote.

Goa’s tourism woes exploded on social media after viral posts criticized its infrastructure, with complaints ranging from unreliable transport and taxi monopolies to soaring hotel and flight costs. declining numbers and to international alternatives such as Thailand and Sri Lanka.

In response, Goa’s tourism minister Rohan Khaunte dismissed the claims as a “smear campaign”, saying influencers were paid to malign the state. He noted that domestic tourist arrivals were up 22% to 1.04 million in 2024. However, the number of foreign tourists remains well below pre-pandemic levels, affected by geopolitical conflicts and of logistical challenges.

While tourism is struggling, Goa’s real estate market has grown by 30-50% in four years due to high rental yields of 12-16% per annum and improved connectivity through the new Mopa International Airport. for its lifestyle appeal, clean beaches and cultural richness However, as the number of tourists declines, many are reassessing themselves decisions.” “It will be interesting to see the painful increase in commitment of people who have actually moved there,” observed Deshpande.

Social media influencers and local activists fueled the debate. Documentary filmmaker Deepika Narayan Bhardwaj, whose viral post on Goa’s emptiness sparked criticism, said: [was] a heartfelt cry to make Goa better.” Meanwhile, local influencers are calling on the government to address real issues, such as inefficient transport and poor waste management, instead of dismissing criticism.