Low-resource languages face significant challenges due to the lack of sufficient linguistic data, resources, and tools for tasks such as supervised learning, annotation, and classification. This shortage hinders the development of accurate models and datasets, making it difficult to perform critical NLP tasks like sentiment analysis or hate speech detection. To bridge this gap, Large Language Models (LLMs) present an opportunity for potential annotators, capable of generating datasets and resources for these underrepresented languages. In this paper, we focus on Marathi, a low-resource language, and evaluate the performance of both closed-source and open-source LLMs as annotators, while also comparing these results with fine-tuned BERT models. We assess models such as GPT-4o and Gemini 1.0 Pro, Gemma 2 (2B and 9B), and Llama 3.1 (8B and 405B) on classification tasks including sentiment analysis, news classification, and hate speech detection. Our findings reveal that while LLMs excel in annotation tasks for high-resource languages like English, they still fall short when applied to Marathi. Even advanced models like GPT-4o and Llama 3.1 405B underperform compared to fine-tuned BERT-based baselines, with GPT-4o and Llama 3.1 405B trailing fine-tuned BERT by accuracy margins of 10.2% and 14.1%, respectively. This highlights the limitations of LLMs as annotators for low-resource languages.