Mumbai: CM-led MITRA to guide state achieve $1 trillion economy by 2027

MITRA will play a crucial role in achieving the State Government’s ambitious target of a $1 trillion economy by 2027 and $3.5 trillion by 2047.

Sanjay JogUpdated: Friday, October 21, 2022, 12:23 AM IST
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Mumbai: CM-led MITRA to guide state achieve $1 trillion economy by 2027 | Representative image

Mumbai: The state Cabinet on Thursday approved the establishment of the Maharashtra Institution for Transformation (MITRA) to provide valuable advice and guidance on policy-related issues. It will be chaired by the Chief Minister while the day-to-day operations will be handled by a chief executive officer.

MITRA will play a crucial role in achieving the State Government’s ambitious target of a $1 trillion economy by 2027 and $3.5 trillion by 2047.

Maharashtra’s economy is the largest in India accounting for 15% of India's Gross Domestic Product (GDP). The share of agriculture, service and industry sector in the gross income of the state for the year 2020-21 is 13.2%, 60% and 26.8% respectively.

The objective of MITRA is to achieve rapid and comprehensive development of the state through the participation of private sector and non-governmental organizations taking into account the needs of the State. MITRA will be a think tank providing strategic, technical as well as functional recommendations for development. It will work in coordination between various departments of the State and Central Government, Niti Aayog, Civil Society, non-governmental organizations and private business organisations,” the Chief Minister’s Office said.

MITRA will focus on the traditional sectors of small scale industries, infrastructure, information technology, ancillary services and communication. It will also focus on innovative areas complementary to the effective implementation and control areas of Drone Technology, Artificial Intelligence and Machine Learning, Internet of Things (IOT), Cloud Computing, Cyber Security, Robotics, GIS and blockchain. Environment, climate change, forests and wildlife conservation are also areas that come under its purview.

Rs 311 share capital for Maharashtra Asset Reconstruction Company 

The State Cabinet approved the share capital of Rs 311 crore for the Maharashtra Asset Reconstruction Company.

The State Cabinet meeting held on September 21 had approved the setting up of the State Asset Reconstruction Company (MAHA ARC Limited). Accordingly, the company has been registered with the Registrar of Companies and the share capital of this company has been increased from Rs 111 crore to Rs 311 crore.

Meanwhile, the State Cabinet also approved the filling of 75,000 posts from Group B (non-gazettes), Group C and Group D which are out of the purview of the Maharashtra Public Service Commission through exams being conducted by TCS and IBPS.

The cabinet also approved government share capital to the sugar mills for increasing the daily crushing capacity to 2500 metric tonnes from 1250 metric tonnes.

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