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In a recent revelation by the Election Commission of India (ECI), it has come to light that the Mamata Banerjee-led Trinamool Congress (TMC) has outpaced the Congress in terms of electoral bond redemptions. The data, disclosed on Thursday, sheds light on the significant sums involved in political funding through this scheme, with the Bharatiya Janata Party (BJP) emerging as the top beneficiary.
According to the ECI's findings, a total of 22,217 bonds valued at ₹12,155.51 crore were purchased between 2019 and 2024 by 1,260 companies and individuals. Among the political parties that benefited from these bonds, the BJP stands at the forefront, having redeemed bonds worth a staggering ₹6,061 crore. Surprisingly, the TMC follows closely behind with redemptions amounting to ₹1,610 crore, surpassing the Congress which secured the third position with redemptions worth ₹1,422 crore.
One of the most notable contributions came from a Tamil Nadu-based lottery firm, Future Gaming and Hotel Services, which donated a whopping ₹1,368 crore over the course of five years. Other significant contributors include Megha Engineering and Infrastructures Limited from Andhra Pradesh (₹891 crore), Qwik Supply Chain Private Limited (₹410 crore), Vedanta Limited (₹400 crore), and Haldia Energy Limited (₹377 crore).
Prominent industrialists and business entities such as Lakshmi Mittal, Bharti Airtel, ITC, Mahindra and Mahindra, DLF, and several others also feature on the list of donors. Notably, Sunil Mittal's companies collectively purchased bonds worth ₹246 crore, while Lakshmi Niwas Mittal made an individual contribution of ₹35 crore.
The State Bank of India (SBI) reported that out of the 22,217 electoral bonds issued, 22,030 were redeemed between April 1, 2019, and February 15, underscoring the widespread utilization of this financial instrument in political funding.
Interestingly, the list of bond buyers encompasses a diverse range of entities, including Spicejet, IndiGo, Grasim Industries, Piramal Enterprises, Bharti Airtel, DLF Commercial Developers, and many more. Similarly, various political parties across the spectrum have benefited from the scheme, including AIADMK, Shiv Sena, TDP, YSR Congress, AAP, and others.
Individual donors like Kiran Mazumdar Shaw, B K Goenka, and Varun Gupta have also made substantial contributions through electoral bonds, reflecting the multifaceted nature of political funding in India.
As this data comes to light, it raises pertinent questions regarding transparency and accountability in political finance. The revelations underscore the need for greater scrutiny and regulation to ensure the integrity of the electoral process.
With inputs from PTI, this disclosure by the Election Commission of India marks a significant development in understanding the dynamics of political funding in the country.
