Bhubaneswar: The Odisha government has constituted the Chief Minister’s Economic Advisory Council (CM-EAC) to further strengthen evidence-based policymaking, enhance fiscal prudence, and provide strategic guidance on the state’s long-term economic development.
The finance department, in a notification, said that the council will function as an independent body which will advise the CM on forward-looking, data-driven and evidence-based policy on matters relating to economic growth, public finance, investment, employment, technological transformation and sustainable development.
“The CM-EAC is formed in pursuance of the government’s vision to transform Odisha into a ‘Samruddha Odisha’ (USD 500 Billion economy) by 2036 and a ‘Vikshit Odisha’ (USD 1.5 Trillion economy) by 2047,” the notification said.
Of the 11-member panel, seven were expert members, while the chief secretary and development commissioner-cum-additional chief secretary will act as ex-officio members (Administrative), and the principal secretary of the finance department will function as the member-secretary.
The notification said that the expert members will remain in office for a period of two years or until further orders, whichever is earlier.
According to the terms and conditions for the panel, the council, inter alia, will advise the government on issues related to global, national and state-level macroeconomic developments and assess their implications for Odisha’s economy.
It will also recommend policy reforms and innovative approaches in emerging areas such as artificial intelligence, digital economy, green energy transition, blue economy, climate resilience, and technology-driven governance.
The council will recommend to the chief minister on policy measures to accelerate sustainable and inclusive economic growth, industrialisation, investment promotion, employment generation, and enhancement of the state’s competitiveness and suggest strategies for achieving the state’s vision 2036 and vision 2047.
The CM-EAC’s advisory role will also cover expansion of the non-farm economy, MSME development, industrial clustering, skill development and human capital enhancement.
According to the notification, the council will meet at least once every six months.
The council may invite domain experts, representatives of government departments, academic institutions, industry bodies or other organisations as special invitees for deliberations on specific agenda items.
The expert members of the panel include Dr Jugal Kishore Mohapatra, ex-chief secretary, Santosh Kumar Mohapatra, former chairman of Paradip Port Authority, and Arbind Modi, former senior economist at the IMF’s fiscal affairs department (Tax).