BJP’s win in Maharashtra to boost employment in key sectors

BJP’s win in Maharashtra to boost employment in key sectors

BJP’s historical win in Maharashtra is likely to bring in cheers to key sectors, including Infrastructure, Power, Hospitality and Financial Services…
After years, India is witnessing a situation where many of its state governments are from the same political party as that at the Centre. It creates an opportunity for smooth operations and sharp decline in friction in the execution of state and central policies. This is expected to accelerate the overall development of the country on the global stage.

Domino effect
With the centre clearing Rs 37,000 crore infrastructure projects for the state, the job market is expected to revive. In Maharashtra, major infrastructure projects such as power, roads and ports will get a boost in terms of quicker approvals, leading to creation of jobs. The Financial Services segment which will fund these projects is also likely to get the much needed impetus, further leading to enhanced employment opportunities.
As new jobs create higher disposable income at the hands of people, this will further lead to growing consumption of consumer goods and services. This increase in demand will give rise to more jobs in sectors such as Consumer Goods/FMCG, Electronics, Entertainment, Hospitality and Tourism. However, the pace of action in the infrastructure segment will determine the pace of action in other sectors.
Besides, Maharashtra is one of India’s leading industrial states and contributes around 13 per cent to India’s industrial output. It is a major hub for FDI and stock markets. It also has immense potential for infrastructure development and oil & gas which are the main themes for this government. Thus, a lot of development is likely in these sectors, creating healthy job opportunities.
More on the cards
BJP’s outright majority in Maharashtra should be a stepping stone towards improved Centre-State coordination, setting common goals, faster decision making related to goods and services taxes, which otherwise faces strong opposition in case of different ruling parties. Improvements such as GST, de-nationalisation of coal, increase in FDI cap in Insurance, diluting Land Acquisition Bill and increasing flexibility in stifling labour laws is also expected in the near future.
This win also sends a very strong message to the investors globally; they now view India as a very stable nation being governed by one party, resulting in uniform development. Hence, large investments are expected in Maharashtra which in turn will boost employability.
Moreover, BJP has been aggressively propagating the ‘Make in India’ goods and services, Maharashtra being home to many small scale industries, the industry leaders foresee vigorous growth in this segment.

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