A BJP leader on Tuesday lampooned the “failed” Maha Vikas Aghadi (MVA) over the ongoing debate about “Maharashtra’s industrial future,” saying the days of stalled projects, divisive politics, and policy gridlock were over. In a series of posts, Hitesh Jain, Vice President of Mumbai BJP and Managing Partner at Parinam Law Associates, said the MVA leaders’ claim that Maharashtra was losing out on industries to Gujarat “due to Central favouritism” has fallen flat.

The narrative crumbles when viewed against the backdrop of the state’s transformative progress under the Eknath Shinde-led Mahayuti government, he said. “Through a determined focus on infrastructure, law and order, and a renewed business environment, the Mahayuti Government is reclaiming Maharashtra’s position as an industrial powerhouse,” Jain posted on X.

In the ongoing debate about Maharashtra’s industrial future, one narrative has captured headlines, fueled by the failed MVA and its eco system the idea that Maharashtra is losing industries to Gujarat due to Central favoritism. This narrative, however, crumbles when viewed… pic.twitter.com/KrzoQOeIYn

— Hitesh Jain (@HiteshJ1973) November 12, 2024

This “comeback story”, he added, began in 2016 under then-chief minister Devendra Fadnavis, who championed policies that significantly boosted the state’s Ease of Doing Business ranking.

Maharashtra set new standards for governance under Mr Fadnavis and established itself as a prime destination for investors, Mr Jain claimed, adding the story took a darker turn when Uddhav Thackeray-led MVA government came to power as it repeatedly stalled development projects, reversed investor-friendly policies, and created an environment of uncertainty and division. 

The Mahayuti is not just reversing this damage today, but also reimagining the state as an “epicenter for industrial development and innovation,” the BJP leader said.

Encouraged by Mahayuti’s investor-friendly policies, key industries were set up in the state in the last two years, Mr Jain said.

“From electronics giants like Foxconn to new developments in steel and textiles in previously underdeveloped areas like Gadchiroli, Maharashtra’s industrial landscape is evolving rapidly. The transformation in Gadchiroli, a region once plagued by Naxal violence, into a steel hub is a profound example of the government’s commitment to bringing development even to the remotest regions,” he wrote.

The industrial and infrastructural transformation led by the Mahayuti Government is Maharashtra’s strongest invitation yet to industry leaders worldwide. This administration’s efforts send a clear signal: The days of stalled projects, divisive politics, and policy gridlock are…

— Hitesh Jain (@HiteshJ1973) November 12, 2024

Mr Jain asserted the recent developments in the state were in “stark contrast to the policy paralysis and chaos that characterized the MVA government under Uddhav Thackeray.” 

During Thackeray’s tenure, the state’s growth was “stalled at every juncture, with projects like the Mumbai-Ahmedabad Bullet Train delayed due to a lack of vision and misplaced priorities,” Mr Jain claimed.

To prove his claim, Mr Jain cited Uddhav and his son Aditya Thackeray’s opposition to the Aarey Metro car shed along with their resistance to several critical infrastructure projects, saying that it “displayed a preference for political posturing over public interest.” He also mentioned the infamous “Sachin Waze planting gelatin sticks outside a prominent industrialist’s residence” case.

Mr Jain said the industrial and infrastructural transformation under the current government is “Maharashtra’s strongest invitation yet to industry leaders worldwide.”  He added, “This administration’s efforts send a clear signal: The days of stalled projects, divisive politics, and policy gridlock are over. Maharashtra is rising again—stronger, more resilient, and ready for the future.”

Voting for the 2024 Assembly election in Maharashtra is scheduled for November 20, followed by counting of votes on November 23.

New Delhi:

Citing a report to back up his statements, a BJP leader and managing partner of a law firm has strongly countered Leader of the Opposition Rahul Gandhi’s claim on “monopolisation” in India and said the country is becoming a premier global investment destination under Prime Minister Narendra Modi. 

In a series of posts on X on Saturday, Hitesh Jain, Managing Partner, Parinam Law Associates and BJP Mumbai Vice President said a report by Motilal Oswal has provided concrete evidence of structural growth in India across all sectors, from startups to mega corporations, in the last decade. Making a mention of “relentless attacks” by Congress MP Rahul Gandhi and “Hindenburg’s critical reports”, he said India’s economy is thriving because of structural reforms. 

“Amidst relentless attacks by Rahul Gandhi and Hindenburg’s critical reports, here is concrete evidence of India’s structural growth across all sectors-from small startups to large conglomerates in the last decade. This isn’t a tale of monopoly; it’s the story of a nation becoming a premier global investment destination. A Viksit (developed) Bharat by 2047 isn’t just a vision – it’s a path we’re already on, empowering businesses of all sizes and shaping India’s future,” Mr Jain wrote. 

Motilal Oswal India’s leading financial services firms latest report offers a powerful glimpse into India’s financial journey, driven by a decade of strategic reforms under PM Modi. Amidst relentless attacks by Rahul Gandhi and Hindenburg’s critical reports, here is concrete…

— Hitesh Jain (@HiteshJ1973) November 9, 2024

“Further, this report disproves Rahul Gandhi’s claims of ‘monopolisation’ by highlighting the inclusive growth across sectors-from startups to large caps. India’s economy is thriving due to structural reforms, creating a vibrant ecosystem for businesses of all sizes,” he added.

Posting portions of the report as well as charts from it, the BJP leader said stable macro conditions in India, robust foundations and a thriving entrepreneurial ecosystem have contributed to high-quality growth and that the country is emerging as a powerful alternative on the global stage with several countries embracing the China+1 strategy. 

“This combination of size, growth, and diversity is unmatched globally,” he wrote.

Mr Jain said while investors were concerned in the 2010s about the “limited investible universe of Indian equities”, there has been a huge transformation in the past five years. He also cited high-growth stocks like HDFC to state that Indian equities have a promising future in terms of attracting global capital. 

“India now has 11 mega-sized companies with a market cap over INR5 trillion, compared to zero in 2014. With a surge in mid- and large-cap firms, the equity market is packed with potential giants,” he said. 

Emphasising that India is now the second-highest emerging market in terms of market capitalisation, Mr Jain said the country has seen a decade of astounding growth.

“Nifty-50, Nifty Midcap100, Nifty Smallcap100, and Nifty-500 have seen massive gains in the past decade, with market caps growing by 4.3x, 5.4x, 8.1x, and 5.8x, respectively. India’s equity indices are on an impressive rally,” he wrote.