Short Description
BJP and Congress report record-breaking income from electoral bonds in FY24, highlighting significant shifts in political finance. This article delves into the latest audit reports and spending trends.
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4 minutes 15 seconds
Main Article
In the world of political finance, recent reports reveal that the Bharatiya Janata Party (BJP) has achieved a monumental 83% increase in its annual income, reaching an astounding ₹4,340.5 crore in the fiscal year 2023-24. This rise has been significantly buoyed by electoral bonds, which contributed a staggering ₹1,685.6 crore, marking the highest-ever annual income from bonds by any party in India. In contrast, the Indian National Congress (INC) has also made headlines with a remarkable 170% surge in its income, totaling ₹1,225 crore, driven in part by a 384% spike in bond receipts. The growing reliance on electoral bonds highlights the evolving landscape of political financing in India.
The audit reports published on these party finances indicate a vigorous spending spree, particularly ahead of impending elections. BJP’s expenditure shot up by 62% to ₹2,211.7 crore, primarily directed towards election-related campaigns and propaganda, totaling approximately ₹1,754 crore. Congress’s spending surged by 120%, amounting to ₹1,025.2 crore, showcasing a competitive raise in political spending. This sharp increase raises questions about the nature of fund allocation and the impact it may have on electoral outcomes and party strategies. Key aspects of this surge include strategic investments in advertisements and significant travel budgets, reflecting a keen focus on voter engagement.
BJP’s financial structure reveals impressive stability, with a cash reserve of ₹109.2 crore and a strong fixed deposit of ₹5,377.3 crore as of March 31, 2024. Individual donors played a significant role in supporting BJP, contributing around ₹240 crore, while corporate donations accounted for a massive ₹1,890 crore. Conversely, Congress reported a more diverse funding makeup, with ₹113.4 crore from individual donors and ₹170 crore from corporate sources, alongside its bond income. As the political landscape continues to evolve, the implications of these financial trends warrant close scrutiny, particularly as both parties gear up for future electoral battles in an increasingly competitive political environment.
Short Summary
In summary, BJP and Congress have reported significant increases in income and expenditures due to the political financing shift towards electoral bonds. BJP’s income surged by 83%, while Congress enjoyed a 170% increase. Both parties are scaling up their campaign strategies, reflecting a dynamic political climate as they prepare for future elections. Understanding these trends is crucial for grasping the unfolding narratives in India’s political finance landscape.
