Post-electoral bonds, the BJP secured 85% of total political funds in 2024-25 amid fears of retribution for opposing it, contrasting the balanced distribution under anonymous bonds. Did scrapping anonymity benefit the ruling party?
As reported earlier this week, BJP donations rose 53% to around Rs 6,000 crore in 2024-25—mostly from electoral trusts—after the Supreme Court struck down the electoral bonds scheme in February 2024.
This marked a sharp shift: BJP's share hit nearly 85% of total funds (Congress: Rs 522 crore, <7%), compared to bonds-era totals of Rs 16,308 crore where BJP got 51%, Congress 12%, Trinamool 10.5%, BRS 8.6%, BJD 6.3%, DMK 4.1%, and others 9%.
Launched in 2018, bonds protected donor anonymity, unlike prior direct donations (disclosed) or small cash (<Rs 20,000, opaque). Post-scrapping, businesses allegedly favor BJP for contracts/subsidies, fearing backlash otherwise. Trusts like Prudent (Megha Engineering), Progressive (Tata), and New Democratic (Mahindra) routed funds overwhelmingly to BJP, despite its 36.6% 2024 vote share.
ADR and opposition (Congress, AAP) pushed to end bonds; BJP did not resist. Yet, nearly 50% of bonds went to non-BJP parties under anonymity. Did disclosure deter opposition funding, making BJP the unintended winner? Should anonymity return for balance?
Subhash Chandra Garg is former finance secretary.
