First EAC meet highlights state’s potential to contribute for $5trillion economy

Chandrasekharan said India is the fifth largest economy and is well positioned to achieve the highest growth, marching high globally for years to come.

Maharashtra with a GDP of more than $4.5 billion will immensely contribute to India’s goal of becoming a $5trillion economy, state economic advisory council (EAC) chairman and Tata Sons chief N Chandrasekaran said on Monday.

Mumbai, India - February 13, 2023: CM Eknath Shinde (C), Dy. CM Devendra Fadnavis (L) and Natarajan Chandrasekaran (R), chairman of Tata Sons addrressing the media during a press conference, organised by Maharashtra Government on Economic Advisory Council, at Sahyadri Guest House, in Mumbai, India, on Monday, February 13, 2023. (Photo by Anshuman Poyrekar/ Hindustan Times) (Anshuman Poyrekar/HT PHOTO)

He was speaking at EAC’s first meeting held at Sahyadri guest house with chief minister Eknath Shinde and deputy CM Devendra Fadnavis in attendance. However, two prominent industry captains - Reliance Industries Limited executive director Anant Ambani and Adani Ports CEO Karan Adani (ports and SEZs) - did not turn up at the meeting.

Chandrasekharan said India is the fifth largest economy and is well positioned to achieve the highest growth, marching high globally for years to come. “EAC is a composition of people with diverse background and great experience. It is a great opportunity for us to contribute with ideas and opportunities not only in terms of economic development but also as a 360-degree development. To improve per capita income in all segments, including agriculture and manufacturing, we can take the help of artificial intelligence, learning machinery, green energy, electronics etc.”

EAC has been mandated to recommend steps to achieve the state government’s goal of $1trillion economy in the next five years. The council will submit a roadmap after three meetings and based on it, a strategy for its implementation will be chalked out, Fadnavis said. He also made a presentation highlighting the state’s expectations from EAC.

Shinde said Maharashtra will prove to be the growth engine in the country’s development. “EAC is a revolutionary step taken for the inclusive growth that will have the common man at the centre of it.”

EAC has also been mandated to address the issues of macroeconomics, to recommend steps to achieve sustainable development goals, and to set the parameters for the indices linked to the related sectors among others, according to the terms of reference.

Other corporate leaders in the 18-member EAC are Hindustan Unilever Limited chairman and managing director Sanjeev Mehta (FMCG), Bain Capital MD Amit Chandra (share capital from private industries), former CEO of National Stock Exchange Vikram Limaye (banking), Larsen and Toubro CEO and MD S N Subramanian (engineering), Sun Pharma (pharmaceuticals) MD Dilip Sanghvi, Mahindra & Mahindra CEO Anish Shah, and Badve Engineering CEO Shrikant Badve (manufacturing).