Bagde's name was announced by Protem Speaker Jiva Pandu Gavit in the newly-constituted Maharashtra Legislative Assembly.
Bagde, the MLA from Phulambhari in Aurangabad district, was escorted to the Speaker's chair by Chief Minister Devendra Fadnavis, NCP leader Ajit Pawar, Congress leader Radhakrishna Vikhe Patil, Shiv Sena leader Eknath Shinde and senior most legislator Ganpatrao Deshmukh of PWP.
Fadnavis thanked all the parties for facilitating unanimous election of the Speaker in keeping with the highest traditions of the Lower House.
Sena leader Eknath Shinde said the party decided to withdraw its candidate after the Chief Minister spoke to party chief Uddhav Thackeray.
Earlier, Congress candidate Varsha Gaikwad also withdrew her nomination for the Speaker's post after former ally NCP declined to support her.