The controversial electoral bonds has immensely benefitted not just the ruling national party BJP, but also significantly helped regional parties.
A TNIE analysis of the past 10 years’ financial statements of two national and four regional parties shows a considerable increase in their respective annual incomes, thanks to generous corporate donations. Importantly, regional parties’ organic funding shot up beyond belief during the 4-5 year period when electoral bonds were in existence.
If the regional parties namely All India Trinamool Congress (TMC), Bharat Rashtriya Samithi (BRS), Yuvajana Sramika Rythu Congress Party(YSRC) and Dravida Munnetra Kazhagam’s (DMK) annual incomes barely exceeded Rs 15 crore respectively for each party during the five years stretching from 2014 to 2018, they shot up soon after electoral bonds came into the funding landscape. Between 2019 and 2023, each of these parties’ annual incomes crossed past Rs 100 crore every year with a few exceptions.
If TMC’s cumulative income during 2014-2018 stood at Rs 71 crore, over the next five year period, its income shot up to Rs 1,290 crore, of which 85% came via electoral bonds, according to the annual audit statements furnished with the Election Commission of India. Likewise, for DMK, if its cumulative income which didn’t even touch Rs 100 crore between 2014 and 2018, rose to an eye-popping Rs 773 crore during 2019-2023. Of this, Rs 631.5 crore, or 82%, trickled in via electoral bonds.
Ditto with BRS, which saw a staggering increase in both its total income and bond donations. If its cumulative income stood under Rs 100 crore during the 2014-2018 period, it shot up to Rs 1,311 crore over the next five year period. Predictably, a whopping 70%, or Rs 912.5 crore, came through individual and corporate bond donations.
Lastly, the YSRC party, whose income was among the lowest at Rs 39 crore during the 2014-2018 period, saw a dramatic increase in its income at Rs 551 crore over the next five years. Of this, about Rs 383 crore, or 70% was from electoral bonds. As for national parties, BJP received the juiciest bone with Rs 6,356 crore through electoral bonds alone between 2019 and 2023.
Such bond donations accounted for 57% of the party’s cumulative income during the period. However, for the opposition Indian National Congress, bond donations weren’t as attractive having contributed just about 39% to its overall income during the five year period of 2019-2023.
With electoral bonds now ground into dust, it remains to be seen if corporate donations for parties will take a beating, particularly for regional parties.
