'Market-Savvy... Devendra Fadnavis CM' Prasenjit K Basu Bullish On Maharashtra as Mahayuti Returns

Maharashtra Election Results 2024 are almost clear and the Mahayuti, led by the Bharatiya Janata Party is set to return to power with a thumping majority. With the BJP-led government continuing to further its policies from Mumbai, the financial capital of the country, what will a Mahayuti government mean for the markets and the economy?

Prasenjit K Basu, Founder-Chief Economist, REAL-Economics.com, is of the view that a likely return of the 'CM Devendra Fadnavis' government in Maharashtra may set the stage for the state to achieve the $1 trillion economy, a target the Mahayuti has set for the state in the run-up to the elections.

Maharashtra Assembly Elections 2024: ‘Shot in the arm for BJP’ - Basu

"The Maharashtra election will be a shot in the arm for the BJP. It will hopefully give a BJP Chief Minister, a dynamic BJP Chief Minister and hopefully, Eknath Shinde could be given a key position at the centre... Devendra Fadnavis should have continued as CM. He won the election in 2014, and a bigger mandate in 2019. BJP's strike rate was 90 per cent. This time again, the BJP has shown that its strike rate is very high. Therefore the Chief Minister has to be Devendra Fadnavis. He has been a good administrator, He has been the mayor of Nagpur (sic)," Basu said.

‘Devendra Fadnavis’ Government May Bring ‘Massive Investment’ - Basu

Expressing optimism that Fadnavis will restore the dynamism of Maharashtra's economy, Basu said that the Fadnavis-led Mahayuti government in Maharashtra will be 'more market savvy' and will bring in 'massive investment'. Adding that the $1 trillion economy is not an impossible task, Basu said - “A trillion dollar economy, Maharashtra and UP, don't think that is an impossible aspiration.”

"Maharashtra is a very important state from the economic standpoint. It is the heart of the industrial base in India and there is an opportunity to re-double the investment in Maharashtra. There is no reason, why Maharashtra, with a dynamic, market-oriented government will be more market savvy and will bring in massive investment so that Maharashtra becomes the hub for the second industrial revolution," he said.