"Whatever we spend for IFFI, almost 20 per cent of it comes back directly in the form of Value Added Tax (VAT) and Luxury Tax. The money is reverted to the state coffers," he said.
Around 2,000 people get direct jobs during the 10-day fest, he claimed.
IFFI, budgeted at Rs 10 crore this year, is being held every year in the state since 2004.
"There is a ripple effect on the entire economy of the state. You can call it as cascading effect which is also felt in rural areas of Goa where festival does not travel," Parrikar said.
He expected almost 15-20 per cent rise in the tourist footfalls in the state for the ongoing season.
"One of the reason for such projections is the hosting of festival. The state gets publicity for 10 days. We would have to spend at least Rs 2-3 crore to get such a publicity if we had to do it through advertisements," said Parrikar, who was instrumental in bringing IFFI from Delhi to Goa in 2004.
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On tourism, he said hotel rooms across Panaji and neighbouring areas are fully occupied from November 10 to December 10, which is also due to the festival.
"When I took over the reins of the state, the average stay of the tourist was 2.6 room nights which is currently increased to 3.8 room nights and the target is to achieve stay of five room nights," he said.
Parrikar claimed that the festival has also resulted in Goan youths getting into film making. (MORE)