@Ale hello again, ok just now i have changed the SKU from basic to Standard without deleting the existing VM. so we dont need to redoply the vMX. It is to be noted that i have owner role on subscription level in Azure. maybe because of this it was possible.
1. First shutdown the vMX VM in azure. It will ask about to keep this Public IP save or delete. Save the PIP.
2. Go to to public IP addresses in Azure. look for the PIP associated to Meraki VM NIC.
3. Disassociate it.

4. click on the alert message "Upgrade to Standard SKU - Microsoft recommends Standard SKU public IP address for production workloads" and within few seconds it will change the SKU from basic to standard.

5. Associate the Public IP again with Meraki NIC. Turn on the vMX vm.