For achieving this goal, it was imperative for Maharashtra to become a USD 1-trillion economy with a holistic growth focussed on agriculture, industries and infrastructure development, he said.

“Maharashtra is the country’s growth engine… Our effort is to increase its capacity, output and productivity, we have potential in all sectors. We shall work to upgrade the living standards of our farmers,” said Shinde.

He was speaking late on Monday after the first meeting of the Maharashtra State Economy Advisory Council (EAC), which was set up in December 2022, billed as a revolutionary step for inclusive growth with the common man at the centre.

The EAC Chair and Tata Sons Chairman N. Chandrasekaran said that India is well-poised to achieve the highest growth among large nations globally for many years to come.

Maharashtra, being one of the largest economies in the country, with a GDP of over USD 4.50 billion, can accelerate growth and immensely contribute to India’s goal of achieving a five-trillion dollar economy, he added.

For this, the EAC will focus on increasing the per capita income by tackling key sectors like agriculture, technology like AI, machine learning, new market trends, supply chains, green energy, improving quality of life, and the EAC members coming from diverse backgrounds would help formulate a blueprint for the state’s economic growth, said Chandrasekaran.

Deputy CM Devendra Fadnavis said the EAC gave a presentation of the state’s current status, vision for the state’s development, what needs to be done and has “set a timeline for achieving aggressive growth in Maharashtra”.

“The EAC has discussed the agriculture sector, skill development, financial inclusion, eliminating regional imbalances and people with various backgrounds in the EAC expressed their views,” said Fadnavis.

Formed on the lines of the planning commission, the EAC will advise the state on financial and policy matters, formulate growth strategies and submit a five-year-plan to the government, besides an interim report in the next three months.

The EAC comprises the cream of top corporate honchos like Chandrasekaran, Amit Chandra, Dilip Sanghavi, Sanjiv Mehta, Anish Shah, Ajit Ranade, Zia Mody, Vikram Limaye, S.N. Suramanian, Shrikant Badve, IAS officers Harshdeep Kamble, O.P. Gupta, and Rajgopal Devara.

However, two members — Reliance Industries Ltd. Executive Director Anant Ambani and Adani Ports CEO Karan G. Adani — remained absent in the first meeting of the EAC.