Odisha sets up high-powered Economic Advisory Council to steer state towards $1.5 trillion economy

THEBUSINESSBYTES BUREAU

BHUBANESWAR, SEPTEMBER 28, 2026

In a significant move aimed at giving fresh momentum to Odisha’s long-term economic transformation, the Government of Odisha has constituted the Chief Minister’s Economic Advisory Council (CM-EAC) to provide forward-looking, data-driven and evidence-based policy advice on issues ranging from economic growth and public finance to investment, employment, technology and sustainable development.

The Finance Department issued the notification on September 25, 2026, constituting the Council with immediate effect. The initiative is closely aligned with the State Government’s vision of transforming Odisha into ‘Samruddha Odisha’ — a USD 500 billion economy by 2036 — and ‘Vikshit Odisha’—a USD 1.5 trillion economy by 2047.

The Council has been conceived as an independent advisory body that will strengthen evidence-based policymaking, promote fiscal prudence and provide strategic guidance on the State’s long-term economic development.

The newly constituted Council brings together experienced administrators, economists, policy experts and representatives from key areas of the economy. Dr. Jugal Kishore Mohapatra, former Chief Secretary of Odisha, has been included as an Expert Member, along with Santosh Kumar Mohapatra, former Chairman of the Paradip Port Authority. Dr. Shobhana Kumar Pattanayak, former Secretary, Agriculture & Farmers’ Welfare, Government of India, will contribute as an expert member with a focus on agriculture.

The Council also includes Arbind Modi, former Senior Economist at the IMF’s Fiscal Affairs Department, as an expert member with a focus on taxation. Dr. Deepak Mishra, Distinguished Visiting Professor at the Indian Council for Research on International Economic Relations (ICRIER), New Delhi, and Honorary Distinguished Professor at Delhi University, has also been appointed as an Expert Member. Prof. Srijit Mishra, Professor at the School of Economics, University of Hyderabad, is another member of the expert panel.

The Council further includes Pratyush Kumar, Co-founder and Chief Executive Officer of Sarvam AI, as an Expert Member. The Chief Secretary to the Government will serve as an Ex-officio Member, while the Development Commissioner-cum-Additional Chief Secretary will be the Ex-officio Member (Administrative). The Principal Secretary to Government, Finance Department, will serve as Member-Secretary, with the Director (Budget) functioning as Convener.

The expert members will hold office for two years from the date of issue of the notification or until further orders, whichever is earlier.

The mandate of the Council covers a broad economic spectrum. It will advise the Government on global, national and State-level macroeconomic developments and assess their implications for Odisha. It will also recommend policy reforms and innovative approaches in emerging areas such as artificial intelligence, the digital economy, green energy transition, the blue economy, climate resilience and technology-driven governance.

Another key responsibility will be to suggest policy measures to accelerate sustainable and inclusive economic growth, industrialisation, investment promotion and employment generation while enhancing Odisha’s competitiveness. The Council will also advise on strategies to achieve the State’s Vision 2036 and Vision 2047, with particular emphasis on expansion of the non-farm economy, MSME development, industrial clustering, skill development and human capital enhancement.

The Council will ordinarily meet at least once every six months, with the Finance Department functioning as its Secretariat and providing administrative, technical and logistical support. Domain experts, government representatives, academic institutions, industry bodies and other organisations may also be invited as Special Invitees for discussions on specific agenda items.

The Expert Members will serve in an honorary capacity unless otherwise decided by the Government, while travelling allowance, sitting fees and other facilities will be governed by provisions prescribed separately by the Government.

With the constitution of the CM-EAC, Odisha has created a dedicated institutional platform to bring together expertise across administration, economics, taxation, agriculture, academia and emerging technology. The Council’s recommendations are expected to provide strategic inputs as the State works towards its ambitious economic milestones for 2036 and 2047.