BJP got nearly Rs 1300 crore through electoral bonds in 2022-23, over 7 times what Congress received

In the fiscal year 2022-23, the Bharatiya Janata Party (BJP) garnered a staggering Rs 1300 crore through electoral bonds, dwarfing the Congress' intake from the same avenue. This revelation emerged from the BJP's annual audited report, submitted to the Election Commission, which unveiled the party's total contributions amounting to Rs 2120 crore, with a significant 61 per cent sourced from electoral bonds.

Comparatively, the Congress party's electoral bond earnings dwindled to Rs 171 crore in the same period, a stark drop from the preceding fiscal year's Rs 236 crore. The BJP's dominance in this financial arena underscores a widening gap in political funding between India's principal political players.

Electoral bonds are financial instruments introduced in India in 2018 as a means of making political funding more transparent. These bonds are essentially a mechanism for individuals and corporations to donate money to political parties. 

Here's how they work: 

1. Issuance: Electoral bonds are issued by notified banks for specified denominations.

2. Purchase and Donation: Any citizen or company can purchase these bonds from designated branches of selected banks. The identity of the donor is kept anonymous.

3. Redemption: These bonds can be redeemed by recognised political parties within a specified timeframe. They can encash these bonds through their designated bank accounts.

The intention behind electoral bonds was to bring transparency to political funding by making donations traceable through the banking system. However, there has been criticism that they could potentially lead to more opaque funding as the anonymity of the donor is maintained. Additionally, concerns have been raised about the potential for misuse by corporations and the lack of disclosure requirements for political parties.

With a robust financial stance, the BJP's total income surged to Rs 2360.8 crore in 2022-23, marking a notable increase from Rs 1917 crore in FY 2021-22. In contrast, Congress experienced a decline in its earnings from electoral bonds, reflective of broader challenges in fundraising and financial management.

Amidst this financial narrative, the Samajwadi Party, a recognised state entity, reported a conspicuous absence of contributions from electoral bonds in 2022-23, having earned Rs 3.2 crore in the previous fiscal. Conversely, the Telugu Desam Party (TDP) witnessed a substantial tenfold surge in electoral bond revenue, soaring to Rs 34 crore in the fiscal year under review.

Beyond electoral bonds, the BJP bolstered its financial reserves through interests, amassing Rs 237 crore in the last fiscal, a notable escalation from Rs 135 crore in FY 2021-22. However, the party exercised fiscal prudence in its expenditure on 'election and general propaganda', reducing expenditure on aircraft and helicopters from Rs 117.4 crore to Rs 78.2 crore.

Moreover, the BJP's financial assistance to candidates, categorised under 'total payments', witnessed a reduction from Rs 146.4 crore to Rs 76.5 crore, indicative of strategic financial realignment within the party.