Himalaya Harbinger National Bureau.
In a recent disclosure by the Election Commission of India (ECI), significant insights into the utilization of electoral bonds have come to light, stirring a political storm across the nation. The data, spanning from 2019 to 2024, unveils a web of transactions involving 1260 entities, including corporations and individuals, who procured 22,217 electoral bonds valued at a staggering ₹12,155.51 crore. This revelation implicates 23 political parties in the intricate nexus of electoral financing.
Foremost among the revelations is the dominance of the Bharatiya Janata Party (BJP) in redeeming electoral bonds, totaling a hefty ₹6061 crore. Surprisingly, the Trinamool Congress emerged as the second-largest beneficiary, redeeming bonds worth ₹1610 crore, overshadowing the Congress, which secured the third position with ₹1422 crore.
The most notable revelation revolves around the primary donors behind these financial maneuvers. Topping the list is Tamil Nadu-based Future Gaming and Hotel Services, contributing a colossal ₹1368 crore. Following closely, Andhra Pradesh-based Megha Engineering and Infrastructures Limited donated ₹891 crore, while Qwik Supply Chain Private Limited and Vedanta Limited contributed ₹410 crore and ₹400 crore, respectively. Additionally, Haldia Energy Limited channeled ₹377 crore into the electoral funding sphere.
Prominent corporate figures such as steel magnate Lakshmi Mittal, Sunil Bharti Mittal’s Bharti Airtel, and conglomerates like ITC, Mahindra and Mahindra, DLF, and PVR have surfaced as key donors in this intricate web of financial transactions.
Sunil Mittal’s three companies collectively invested ₹246 crore in electoral bonds, with Lakshmi Niwas Mittal personally contributing ₹35 crore. The contributions to the Congress and the Samajwadi Party were made under the names ‘President, All India Congress Committee’ and ‘Adyaksha Samajwadi Party’, respectively.
Providing official figures, the State Bank of India informed the Supreme Court that out of the 22,217 electoral bonds, 22030 were redeemed between April 1, 2019, and February 15.
Furthermore, a plethora of renowned entities including Spicejet, IndiGo, Grasim Industries, and Piramal Enterprises participated in the procurement of electoral bonds, illuminating the diverse spectrum of contributors involved in political financing.
The comprehensive list of beneficiaries encompasses a wide array of political entities ranging from national stalwarts like the BJP and Congress to regional players like the AIADMK, Shiv Sena, and Trinamool Congress, among others.
Individual contributors like Kiran Mazumdar Shaw and Varun Gupta, alongside corporate entities such as Bajaj Auto and IndiGo, have added another layer of complexity to the electoral funding landscape.
This disclosure has reignited debates on the transparency and accountability of electoral financing in Indian politics, underscoring the need for comprehensive reforms to uphold the democratic ideals of fairness and integrity.
