Odisha’s new Chief Minister’s Economic Advisory Council will guide the state’s long-term growth strategy.
The state has set targets of a $500 billion economy by 2036 and $1.5 trillion by 2047.
The council is modelled on the Economic Advisory Council to the Prime Minister.
It includes economists, former bureaucrats and industry experts.
Odisha is the fifth Indian state to set up such a panel.
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.
Policy continuity and implementation capacity are commonly cited as key factors in whether long-term state economic visions succeed.
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.
Stock exchange building (representative image), Wikimedia Commons, CC BY 2.0
