In the latest financial disclosures submitted to the Election Commission of India (EC), the Bharatiya Janata Party (BJP) has emerged as the richest political party in India with a fund balance of ₹7,113.80 crore as of March 31, 2024. This contrasts sharply with the ₹857.15 crore reported by the principal opposition party, the Indian National Congress (Congress), over the same period. These figures, part of the parties’ annual audit reports, offer an insightful look into the financial standing of India’s two largest political entities.
BJP’s Massive Financial Growth
The BJP, which claims to be the largest political party in the world, saw a massive rise in its expenditure during the 2023-24 financial year. The party spent ₹1,754.06 crore, a 60% increase from ₹1,092 crore in the previous year, with the announcement of the Lok Sabha elections in March 2024 driving much of the surge in spending.
In terms of income, the BJP reported receiving ₹1,685.69 crore in voluntary contributions through electoral bonds, a mechanism that has since been banned by the Supreme Court. This was an increase from ₹1,294.15 crore in the previous year. Additionally, the BJP registered a significant rise in other contributions, totalling ₹2,042.75 crore in 2023-24, compared to ₹648.42 crore in 2022-23.
Some of the major areas of expenditure for the BJP during this period included:
- Advertisements: ₹591 crore, with ₹434.84 crore spent on electronic media and ₹115.62 crore on printed materials.
- Aircraft and Helicopters: ₹174 crore, up from ₹78.23 crore the previous year.
- Financial Assistance to Candidates: ₹191.06 crore, significantly higher than ₹75.05 crore in 2022-23.
- Morchas, Rallies, and Call Centers: ₹75.14 crore, with an additional ₹84.32 crore for various meeting expenses.
Congress’s Financial Standing
The Congress party, on the other hand, has reported a more modest financial status. For the fiscal year 2023-24, the party spent ₹619.67 crore, a significant increase from ₹192.56 crore in 2022-23. However, this figure remains substantially lower than the BJP’s outlay.
In terms of income, the Congress party reported receiving ₹1,225.11 crore in contributions during the year, which includes ₹828.36 crore through electronic bonds — a method now prohibited by the Supreme Court.
Notable expenditures for the Congress party included:
- Electronic Media: ₹207.94 crore, which formed the largest portion of its expenditure.
- Aircraft and Helicopters: ₹62.65 crore.
- Financial Aid to Candidates: ₹238.55 crore.
- Social Media Expenses: ₹79.78 crore, reflecting a growing investment in digital campaigning.
Additionally, the Congress spent ₹49.63 crore on the Bharat Jodo Yatra 2, led by former party president Rahul Gandhi in 2023-24. This was a decrease compared to the ₹71.84 crore spent on the earlier Bharat Jodo Yatra, which spanned from Kanyakumari to Kashmir.
Electoral Bonds: A Controversial Funding Mechanism
A key aspect of the BJP’s funding comes from electoral bonds, which have been a subject of debate and controversy. While the BJP reported receiving ₹1,685.69 crore from this mechanism in 2023-24, the Congress also benefitted from this route, though to a lesser extent. The Supreme Court of India has now banned the use of these bonds due to concerns over transparency in political funding.
Despite this ban, the financial data reveals the enormous role that such funding mechanisms play in shaping the financial landscape of India’s political parties, especially the ruling BJP.
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Disclaimer: The financial data and details provided in this article are based on the reports submitted to the Election Commission of India. The figures mentioned are part of the annual audits of the political parties and reflect the state of their finances as of March 31, 2024.
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