India, Jan. 29 -- On the day the 2024 Maharashtra assembly election results were announced, Ajit Pawar made an early phone call to Devendra Fadnavis, who was set to become chief minister.

Ajit, then the finance and deputy chief minister in the outgoing Mahayuti government, raised just one issue in that conversation: the populist Ladki Bahin scheme, introduced with an eye on the vote bank, and the urgent need to take steps to minimise its burden on the state exchequer. As FM, Ajit most felt the weight of the scheme's annual Rs.46,000 crore, a staggering sum that was unsustainable for Maharashtra's finances.

Ajit, who was poised to present his 12th budget next month, was known for his resistance to fiscal indiscipline. He did not shy away...