Prime Minister Narendra Modi recently made a significant statement on electoral bonds, emphasizing their role in ensuring accountability in political funding. He asserted that electoral bonds provide a trail of the money, revealing which company gave it, how they gave it, and where they gave it.
“Due to electoral bonds, you are getting the trail of the money. Which company gave it? How did they give it? Where did they give it?” said PM Modi. He further added, “And that is why I say when they (opposition) will think honestly, everyone will regret it.”
Electoral bonds, introduced by the Government of India in 2018, are an instrument for citizens, corporate groups, or any other entities to donate money to political parties. They are issued by the State Bank of India and can be bought by any Indian citizen or company. The identity of the donor is kept anonymous, which has been a subject of much debate and criticism.
However, PM Modi’s statement highlights a different aspect of electoral bonds. According to him, these bonds leave a trail, making it possible to track the transaction’s origin, method, and destination. This feature could potentially enhance accountability in political funding, which has traditionally been a murky domain in India.
The Prime Minister’s statement suggests that the opposition parties, who have been critical of the electoral bonds scheme, might regret their stance if they consider the matter ‘honestly’. It implies that the bonds, despite the criticism, could play a crucial role in cleaning up political funding.
As India continues to grapple with the challenge of ensuring accountability in political funding, PM Modi’s statement adds a new dimension to the debate around electoral bonds. Whether these bonds will indeed prove to be a game-changer in making political funding more transparent and accountable remains to be seen. However, the Prime Minister’s strong defense of the scheme certainly makes it a topic worth watching in the coming days.
