Since the now-banned Electoral Bonds were introduced in early 2019, yet the top 20 donors had contributed approximately fifty percent of all contributions, according to statistics that the SBI provided to the Election Commission. Based on data provided by the State Bank of India (SBI) to the Election Commission of India on March 14, the largest political donors over the last five years have given parties almost Rs 6,000 crore through electoral bonds.
- The lottery company Future Gaming and Hotel Services tops the list with a donation of Rs 1,368 crore, or an astounding 11% of all electoral bonds purchased in the nation prior to the Supreme Court (SC) ruling the plan unlawful.
- Megha Engineering and Infrastructures Ltd, situated in Hyderabad, comes in second place with Rs 966 crore.
- Thirdly,Vedanta stands at Rs 401 crore, followed by Essel Mining and Industries with a donation of Rs 225 crore and Bharti Airtel with Rs 198 crore being amongst the top 20 donors.
Due to their lack of transparency, possibility for money laundering, and the unequal influence of affluent donors, electoral bonds are considered illegal. Critics contend that they favour secrecy in political financing, so violating citizens’ right to information. The need for measures preserving democratic integrity is highlighted by the Supreme Court’s finding that certain aspects are illegal.
In order to preserve democratic ideals, legislators must give transparency and honesty in political funding systems top priority going ahead. The goals of reforms should be to promote equal participation, lessen the power of large funders, and rebuild public confidence in the political process. Future generations cannot be protected from the nation’s democratic fabric unless extensive and strong changes are implemented.
