The State Bank of India (SBI) has disclosed comprehensive data on electoral bonds, shedding light on the intricate web of political funding in India. The disclosure, mandated by the Supreme Court, has unravelled startling insights into the flow of funds to political parties, shattering the veil of secrecy that enshrouded the controversial electoral bond scheme.
The ruling Bharatiya Janata Party (BJP) emerged as the primary beneficiary, encashing a staggering Rs 8,251.8 crore in electoral bonds since March 2018, with Rs 6,060.5 crore redeemed between April 2019 and January 2024.
Leading the pack of donors was Megha Engineering and Infrastructure Limited (MEIL), an infrastructure giant based in Telangana. Contributing a whopping Rs 519 crore, MEIL's influence extended beyond mere financial support as it now holds a major stake in the TV9 network. Notably, another MEIL entity, Western UP Power Transmission Company Limited, added Rs 80 crore to the BJP's coffers.
Following closely behind was QwikSupply, allegedly linked to the Reliance Group, with a substantial donation of Rs 375 crore. Kolkata-based industrialist M.K. Jalan's companies, including Madanlal Limited, Keventers Foodpark, MKJ enterprises, and Sasmal, collectively contributed Rs 339.42 crore, securing their position as significant backers of the BJP.
The BJP's utilization of electoral bonds saw fluctuating figures over the years. In 2019, amid the general elections, the party encashed Rs 1,505.4 crores, with notable contributions from Madanlal Limited (Rs 175.5 crore), Keventer Foodpark Infra Limited (Rs 144.5 crore), and MEIL (Rs 125 crore). Interestingly, the intertwining of interests was evident as both Madanlal Limited and Keventer Foodpark Infra Limited, linked to the same group, collectively issued bonds worth Rs 320 crore.
However, the redemption of bonds experienced a significant drop in 2020, dwindling to a mere Rs 73.89 crore. The top contributors during this period included Apco Infratech Pvt Limited, Infina Finance, and individual donor Raju Kumar Sharma, each contributing Rs 10 crore.
As political activities resumed to pre-pandemic levels in 2021, the BJP saw a resurgence in funding, amounting to Rs 372 crore. Future Gaming, Haldia Energy, and MEIL were the top contributors during this period.
The apex of electoral bond redemption for the BJP came in 2022, coinciding with assembly elections across several states, where the party encashed a record-breaking Rs 1,763.54 crore. QwikSupply emerged as the top donor, contributing Rs 325 crore, followed by Vedanta (Rs 176.5 crore) and MEIL (Rs 129 crore).
The trend continued in 2023, with MEIL further bolstering its support by increasing its donation to Rs 297 crore, followed by Bharti Airtel and Western UP Power Transmission. Despite controversies surrounding electoral bonds, BJP continued to receive substantial funding, redeeming Rs 1,676.3 crores in 2023.
Even in 2024, the BJP remained a beneficiary of electoral bond contributions, encashing Rs 202 crore. Bharati Airtel and Kolkata-based Rungta and Sons were among the top contributors, emphasizing the enduring support the party receives from various sectors.
At the helm of this financial influx is a conglomerate of corporate giants, each wielding substantial influence through their monetary contributions. Future Games and Hotel Services Limited, identified as Donor Number 1, allocated a substantial portion of its funds to the Trinamool Congress and the Dravida Munnetra Kazhagam (DMK), underscoring the widespread reach of electoral funding across diverse political landscapes.
However, the legality and transparency of the electoral bond system have come under intense scrutiny, culminating in the Supreme Court's recent declaration of the process as unconstitutional. The revelation of these staggering figures underscores the pressing need for comprehensive electoral finance reforms to ensure accountability and transparency in India's democratic processes.