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Tata, 86, died at a Mumbai hospital earlier in the night.
In a post on X, Shinde said Tata was a unique blend of morality and entrepreneurship. He was a living legend who successfully helmed the 150 year-old Tata group, the CM added.
“Ratan ji Tata’s mortal remains will be accorded a state funeral,” Shinde said.
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Describing Tata as the pride of the country, Shinde said he will always be an inspiration to the next generation of entrepreneurs.
The resoluteness he displayed during the 26/11 terror attack will always be remembered, the chief minister said.
The Tata Group’s Taj Hotel at Colaba was one of the targets of terrorists during the November 2008 attack.