While economists warn politicians against making excessive promises, they acknowledge the value of welfare schemes—provided states remain within their financial limits.

The BJP secured a resounding victory in Maharashtra, while the JMM-led alliance triumphed in Jharkhand. Key figures like Modi, Shah, Shinde, and Fadnavis emerged as winners, while Thackeray, Pawar, and the Congress faced setbacks.

Both states will see higher fiscal pressure from increased spending on financial assistance for women, with sharp cuts in capital expenditure to keep deficits under control.

Prime Minister Narendra Modi’s ruling alliance won an election in Maharashtra by a wide margin, signaling policy continuity in a state which houses most of India’s billionaires and is home to some of the country’s biggest investments.