The sale of electoral bonds worth a staggering ₹16,000 crore between 2016 and 2022 has brought to light the significant role these financial instruments played in political funding. According to Election Commission data, the Bharatiya Janata Party (BJP) emerged as the primary beneficiary, receiving over 60% of the total donations under the electoral bonds scheme.
The Supreme Court’s recent decision to declare the electoral bonds scheme unconstitutional has added a new dimension to the discourse surrounding political funding. With the apex court ruling that the scheme infringes upon citizens’ fundamental right to information, questions about transparency and accountability in political donations have come to the forefront.
Electoral bonds, introduced by the BJP government in 2018 as an alternative to cash donations, were touted as a means to bring transparency into political funding. However, the recent revelations about the distribution of donations paint a different picture.
The BJP received a staggering ₹10,122 crore through electoral bonds, accounting for nearly 60% of the total donations. In contrast, the main opposition party, the Congress, received ₹1,547 crore, representing only 10% of the total donations. West Bengal’s ruling Trinamool Congress secured ₹823 crore, constituting 8% of all electoral bonds donations.
The disparity in donations becomes even more apparent when compared to other political parties. Data from the Election Commission reveals that donations made to the BJP through electoral bonds were three times more than the combined donations received by all other 30 parties listed by the Commission.
Further analysis of the data highlights the dominance of the BJP in electoral funding. From 2017 to 2022, the BJP received over five times the donations through electoral bonds than the Congress did, underscoring the party’s financial prowess in the political arena.
While the electoral bonds scheme was initially introduced to curb black money and enhance transparency in political donations, the Supreme Court’s recent verdict has raised doubts about its efficacy in achieving these objectives. The court emphasized that alternative methods could effectively address concerns regarding black money and transparency in political funding.
As the political landscape continues to evolve, the debate over electoral bonds and political funding is likely to intensify, with stakeholders advocating for measures that ensure transparency, accountability, and fairness in the electoral process.
Sources By Agencies
