Electoral Bonds : India’s Rich Donate Billions to Political Parties While Millions Struggle

Surat : A recent RTI application has revealed that India’s rich have donated billions of rupees to political parties in recent years through electoral bonds. The data, obtained by Surat-based RTI activist Sanjay Ezhava, shows that a total of Rs 14,940 crores has been donated to political parties through electoral bonds since 2018.

Electoral bonds are a form of anonymous political funding that was introduced by the Indian government in 2017. They are bearer instruments, meaning that they can be purchased and redeemed anonymously. This has made it very difficult to track the flow of money to political parties.

The RTI data from the State Bank of India (SBI) shows that the vast majority of electoral bonds have been purchased by wealthy individuals. In fact, over 80% of the bonds worth Rs 1 crore or more have been purchased by individuals. This suggests that India’s rich are disproportionately influencing the political process.

The data also shows that the Bharatiya Janata Party (BJP) has been the largest beneficiary of electoral bond donations. The party has received over 50% of all donations since 2018.

The revelation that India’s rich have been donating billions of rupees to political parties has sparked outrage among many Indians. Many people believe that this is a form of corruption and that it is undermining democracy.

The use of electoral bonds has also been criticized for making it difficult to hold political parties accountable. Without knowing who is donating money to political parties, it is impossible to track the influence of money in politics.

The Indian government has defended the use of electoral bonds, arguing that they are necessary to protect the anonymity of donors and to encourage more people to donate to political parties. However, critics argue that the benefits of anonymity do not outweigh the risks of corruption.

The revelation that India’s rich have been donating billions of rupees to political parties is a reminder of the growing inequality in the country. While millions of Indians are struggling to make ends meet, a few wealthy individuals are able to wield immense power through their donations to political parties.

This is a serious issue that needs to be addressed. The Indian government needs to take steps to make political funding more transparent and accountable. It also needs to address the root causes of inequality in the country.