Ahead of the 2024 Lok Sabha Elections, donations to the Bharatiya Janata Party (BJP) have surged by an impressive 87%, reaching Rs.3,967.14 crore, according to the party’s annual audit report for 2023-2024, published by the Election Commission of India. This marked an increase from ₹2,120.06 crore in the previous fiscal year. Despite the surge, the share of donations through electoral bonds decreased, reflecting changing funding patterns.
BJP’s Electoral Bond Contributions
The BJP’s report reveals that ₹1,685.62 crore (43% of its total donations) came from electoral bonds, a drop from 61% the previous year, when the party received Rs.1,294.14 crore in electoral bonds. While the electoral bond contribution declined in percentage terms, the total voluntary donations for the BJP saw a significant rise.
In terms of spending, the BJP also ramped up its campaign and propaganda expenses ahead of the elections, increasing from Rs.1,092.15 crore in 2022-2023 to Rs.1,754.06 crore in 2023-2024. Of this, Rs.591.39 crore was specifically spent on advertisements and publicity.
Congress: Sharp Rise in Donations
Similar to the BJP, Congress also witnessed a sharp rise in donations for the 2023-2024 fiscal year. The party’s total contributions increased by a massive 320%, climbing from Rs.268.62 crore in 2022-2023 to Rs.1,129.66 crore in the current year. A significant portion of this funding came through electoral bonds, which made up 73% of Congress’s total donations, amounting to Rs.828.36 crore. This was a notable increase from Rs.171.02 crore the previous year.
Congress also experienced a rise in election-related expenses, which surged to Rs.619.67 crore in 2023-2024, up from Rs.192.55 crore the year before. The increase in donations and expenses was seen as a strategic move in preparation for the 2024 general elections.
Trinamool Congress Sees Significant Growth
The Trinamool Congress (TMC), led by Mamata Banerjee, also reported a notable increase in income, with its total contributions rising to Rs.646.39 crore in 2023-2024, up from Rs.333.46 crore in the previous year. Like the BJP and Congress, a large portion of the TMC’s income—95%—came from electoral bonds.
Supreme Court Strikes Down Electoral Bonds
In a landmark ruling in February 2024, the Supreme Court struck down the Centre’s electoral bonds scheme, calling it “unconstitutional.” The court’s decision marked a significant shift in political funding laws, with the bench led by Chief Justice DY Chandrachud rejecting the Centre’s arguments that the scheme was designed to promote transparency and curb black money. The ruling also mandated the disclosure of donors to electoral bonds, further complicating the use of anonymous funding in political campaigns.
Conclusion
The rise in donations for both the BJP and Congress leading up to the 2024 elections highlights the growing role of electoral bonds in political funding, even as the debate over transparency and accountability in political donations continues. The BJP’s significant increase in donations, despite a reduction in the share from electoral bonds, reflects the ongoing financial strength of the ruling party. Meanwhile, the Congress’s 320% increase signals its attempt to strengthen its campaign resources in a critical election year. However, the Supreme Court’s ruling on electoral bonds promises to reshape the landscape of political funding in the future.
