Fiscal prudence, power sector reforms and developing Mumbai as the country's first international offshore financial centre figure in an eight-point reforms programme for achieving an increased state domestic product growth in Maharashtra.

The agenda prepared by the Confederation of Indian Industry was announced at an interaction of Members of Parliament from Maharashtra belonging to various political parties in New Delhi on Thursday.

CII chairman (Maharashtra) S M Trehan emphasised the need for judicious management of the state's finances to facilitate rapid economic advances.

"Short and long term measures recommended include curbing of off-budget borrowings and guarantees, restructuring of the Maharashtra State Electricity Board, greater control over non-development expenditure, rationalising and proper realisation of user charges, discontinuation of the cotton monopoly scheme, infrastructure development and privatisation of ports, roads and power," Trehan said.

He said the captive power policy could play a significant role in reducing the acute power shortage in Maharashtra. The agenda also emphasises the need for a concrete plan for the development of Mumbai city as India's first international offshore financial centre.

Easing of the Coastal Regulatory Zone norms in a city like Mumbai where availability of land is very less would boost the housing industry, the report said.

CII has highlighted the need to look at integrated working of various agencies like the Brihanmumbai Municipal Corporation, Thane Municipal Corporation, Maharashtra State Road Development Corporation and the Mumbai Metropolitan Region Development Authority.

Maharashtra's competitive advantage over other states in the areas of biotechnology, agriculture and tourism should see these sectors being promoted jointly through public-private participation, the agenda said.

The CII has sought speedy implementation of the Value Added Tax regime. "CII feels that Maharashtra's announcement of its decision to introduce VAT by June 1, 2003, is a powerful signal that the government is committed to rationalising the system of taxes for the long term good of the economy.

"However certain provisions of the bill may require a review to make them more industry friendly," Trehan said.

Revival of the manufacturing sector, labour reforms and repealing the Urban Land Ceiling (Regulations) Act are also suggested.