In the financial year 2023-24, the Bharatiya Janata Party (BJP) emerged as the frontrunner in political donations among India’s national parties, amassing approximately ₹2,244 crore. This substantial sum was garnered through 8,358 donations, highlighting the party’s robust fundraising capabilities.
Congress’s Donation Landscape
The Congress party reported receiving ₹288.9 crore during the same period, sourced from 1,994 donations. While this figure is significantly lower than that of the BJP, it marks an improvement from the previous year’s ₹79.9 crore.
Dominance of Corporate Contributions
A striking feature of these donations is the overwhelming dominance of corporate contributions. Out of the total donations, 3,755 were from corporate and business sectors, amounting to ₹2,262.5 crore, which constitutes 88.9% of the total funds received by national parties. The BJP, in particular, benefited immensely, receiving ₹2,064.58 crore through 3,478 corporate donations. Individual donors contributed ₹169.126 crore to the BJP during this period.
Prudent Electoral Trust: The Leading Donor
A significant portion of these funds can be traced back to Prudent Electoral Trust, which donated ₹723.6 crore to the BJP, accounting for 32.25% of the party’s total funds. The Congress also received ₹156.4 crore from Prudent, representing 55.56% of its total donations. In total, Prudent Electoral Trust contributed ₹880 crore to both the BJP and Congress, making it the largest donor during this fiscal year.
Other Noteworthy Donors
Beyond Prudent, several other entities made substantial contributions:
- Triumph Electoral Trust: Donated ₹127.5 crore to the BJP.
- Derive Investments: Contributed ₹50 crore to the BJP and ₹3.2 crore to the Congress.
- Acme Solar Energy Pvt. Ltd.: Donated ₹51 crore.
- Rungta Sons Private Limited: Contributed ₹50 crore.
- Bharat Biotech International Limited: Donated ₹50 crore.
- ITC Infotech India Ltd: Contributed ₹80 crore.
- Dinesh Chandra R. Agarwal Infracon Pvt. Ltd.: Donated ₹30 crore to the BJP.
- Dilip Buildcon Limited: Contributed ₹29 crore.
- Macrotech Developers Limited: Donated ₹27 crore.
Exclusion of Electoral Bonds
It’s important to note that these figures exclude donations received through electoral bonds. Electoral bonds were a mechanism introduced in 2017 to facilitate anonymous donations to political parties. However, the Supreme Court declared the electoral bond scheme unconstitutional in February 2024, emphasizing the need for transparency in political funding.
Implications for Political Transparency
The revelations from this report shed light on the intricate web of political donations in India, highlighting the significant role of corporate contributions and the influence of major donors. While these funds bolster party activities, they also raise pertinent questions about transparency and the potential for undue influence in the political sphere. The Supreme Court’s intervention to annul electoral bonds marks a pivotal step towards ensuring cleaner and more transparent political funding in the country.
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