BJP donations jump 87% to ₹3,967 crore in 2023-24; Electoral bonds share drops to 43%

Donations to the Bharatiya Janata Party (BJP) saw an 87% increase in the 2023-2024 fiscal year, totaling ₹3,967.14 crore, as per the party’s audit report submitted to the Election Commission of India. This is a substantial rise from ₹2,120.06 crore in 2022-2023. The report reflects the party's ability to garner significant financial support ahead of the 2024 Lok Sabha elections, with donations coming from voluntary contributions and various channels, including electoral bonds.

While the total amount from donations increased, the share of electoral bonds in the party’s total income saw a marked decline. In 2022-2023, the BJP received ₹1,294.14 crore via electoral bonds, which accounted for 61% of its total income. In the 2023-2024 fiscal year, the BJP received ₹1,685.62 crore in electoral bonds, making up 43% of the party's total donations. This decrease in percentage highlights a shift in the party’s funding sources even though the absolute amount from electoral bonds rose.

Campaign spending by the BJP also surged during the 2023-2024 fiscal year. The party allocated ₹1,754.06 crore for campaign-related expenses, a significant increase from ₹1,092.15 crore in 2022-2023. Of this total, ₹591.39 crore was directed toward advertisements and publicity, underlining the extensive outreach efforts in the election year. These figures reflect the BJP's aggressive campaign strategies as the nation prepares for the 2024 general elections.

Electoral bonds played a critical role in the BJP's fundraising, but the legal landscape surrounding these bonds changed drastically in 2024. The Supreme Court of India struck down the electoral bond scheme, calling it unconstitutional. Introduced by the BJP-led government in 2018, the scheme allowed individuals and entities to buy bonds from the State Bank of India and donate them anonymously to political parties. Despite the large sums raised, the Supreme Court's verdict in February 2024 declared the scheme violated citizens' rights to information and transparency. This ruling mandated that political parties disclose the identities of donors.

Similarly, the Congress party reported a substantial increase in donations in the 2023-2024 fiscal year, with total contributions rising by 320%, from ₹268.62 crore in 2022-2023 to ₹1,129.66 crore in 2023-2024. Electoral bonds comprised 73% of Congress’s total donations in 2023-2024, amounting to ₹828.36 crore. This marked increase in funding mirrors the growing financial efforts of opposition parties in the lead-up to the 2024 elections.

The Trinamool Congress, led by Mamata Banerjee, also reported a significant rise in income, with total contributions increasing to ₹646.39 crore in 2023-2024, up from ₹333.46 crore the previous year. The majority of the party’s income came from electoral bonds, which accounted for approximately 95% of its total contributions.

With the Supreme Court ruling in February 2024, electoral bonds are no longer a viable source of political funding. The Court’s judgment will force political parties to explore new methods of fundraising, ensuring more transparency in the electoral process. As the BJP, Congress, and other political parties move forward, the shift in funding dynamics is expected to impact election strategies and political financing in future elections.