Odisha has constituted a Chief Minister’s Economic Advisory Council, modelled on the EAC-PM.
The council brings together economists, former bureaucrats and industry experts.
Odisha aims for a $500 billion economy by 2036 and a $1.5 trillion economy by 2047.
The panel will advise on macroeconomic management, fiscal prudence and long-term growth.
Odisha is the fifth state to set up such a high-level advisory panel.
Odisha has constituted a Chief Minister’s Economic Advisory Council, or CM-EAC.
The council is modelled on the Economic Advisory Council to the Prime Minister, or EAC-PM.
It brings together economists, former bureaucrats and industry experts, including the co-founder of Sarvam AI.
The panel will advise on macroeconomic management, fiscal prudence and long-term growth strategy.
Odisha has set a target of a $500 billion economy by 2036 under its Samruddha Odisha vision.
The state has also set a target of a $1.5 trillion economy by 2047 under its Viksit Odisha framework.
The council’s mandate includes strengthening evidence-based policymaking and providing strategic guidance on long-term development.
Focus areas for the council include MSME expansion, industrial clusters and green energy transitions.
The CM-EAC was formed four months after Odisha announced the State Institute for Transformative Initiatives, or SITI-Odisha.
Odisha is the fifth Indian state to set up a high-level panel of domain experts to support a trillion-dollar economy goal.
Chief Minister Mohan Charan Majhi has described Odisha as poised to become India’s growth engine for the next 25 years.
The state has separately set a target of creating over one crore jobs by 2047.
State-level economic advisory councils have become more common among Indian states pursuing long-term growth targets.
The Economic Advisory Council to the Prime Minister advises the central government on a range of macroeconomic issues.
Odisha’s economy has traditionally relied significantly on mining, metals and agriculture.
State governments pursuing trillion-dollar economy goals typically focus on infrastructure, manufacturing and services sector growth.
Stock exchange building (representative image), Wikimedia Commons, CC BY 2.0
