Political funding needs reform to protect democratic competition, Pg8

Key Highlights:

• Financial disparities between political parties in India create an uneven playing field, impacting electoral competition.
• The Supreme Court struck down electoral bonds as unconstitutional, revealing corporate donations made directly or via electoral trusts.
• Between FY 2013-14 and 2023-24, the BJP received significantly more corporate donations than all other national parties combined.
• Prudent Electoral Trust received the highest donations, with a large portion disbursed to the BJP.
• The article emphasizes the need for political funding reforms to ensure fair democratic competition and reduce corruption.

Detailed Insights:

• The Electoral Trust Scheme, introduced in 2013, aimed to increase transparency but still lacks public access to disbursal methods.
• Corporate donations to ruling parties may lead to a quid pro quo relationship, as highlighted by the Supreme Court.
• The Constituent Assembly in 1948 advocated for public funding of elections to prevent unfair advantages for wealthier candidates.
• Recommendations for reform include internal party democracy, financial transparency, and bringing parties under the Right to Information Act.
• Future frameworks must address disparities in funding access, concentration of economic power, and corruption from illegitimate sources.

Key Concepts Involved:

• Electoral Bonds: Financial instruments used to donate money to political parties, now deemed unconstitutional.
• Quid Pro Quo: A favor or advantage granted in return for something.
• Political Funding: Financial resources utilized by political parties for their operations and election campaigns.