Skip to main content

Rs. 1.5 CRORES IN LAST 5 YEARS

ELECTION EXPENSES

As ongoing Lok Sabha polls reach the sixth phase, a new study has found that the total money spent on all elections in last five years has crossed Rs 1,50,000 crore and over half of these funds have come from "unaccounted sources". The study, conducted by think-tank CMS, comes at a time when various political parties are accusing each other of using alleged black money in the ongoing Lok Sabha polls, which began on April 7 and will continue till May 12. So far, voting has taken place in 232 Lok Sabha seats across five phases, while a further 311 constituencies will go to polls in the remaining four phases. There have already been many cases where the Election Commission has confiscated bundles of cash and other items across the country and it is keeping a close tab on any possible use of unaccounted cash and other incentives to lure voters during elections, which have traditionally been very expensive affairs in India. According to the CMS study, more than Rs 1,50,000 crore has been spent across various elections held in India over the past five years. "This is a conservative estimate. Out of this huge amount, more than half is black money. The black money funding for polls is the mother of all corruption in our nation," CMS Chairman N Bhaskara Rao told PTI. Of this Rs 1.5 lakh crore, one-fifth or Rs 30,000 crore is on account of the current Lok Sabha election. One-third of this total amount, or Rs 45,000-50,000 crore, has been spent on state assembly elections, CMS found. About Rs 30,000 crore has been spent on panchayat polls, Rs 20,000 crore for mandals, Rs 15,000 crore for municipal elections and a further Rs 10,000 crore for zilla parishads, it added. 
"In a typical Lok Sabha poll, media campaigns (25 per cent) and pre-poll expenditure by parties in power (20-25 per cent) account for a big pie of the spending. "In smaller elections, things are different. Media spending is much lower and in the mandals and panchayats, rally expenses are virtually non-existent," says Rao, who is tracking election spending since 1996. Elaborating further, he said that the expenditure by political parties is less than 10 per cent in local elections compared to 20 per cent in a Lok Sabha election. "On the other hand, the funds spent by candidates to get nomination is much higher than in case of Lok Sabha," he claimed. On corporate funding, CMS is of the view that spending by companies pick up significant pace where winning electors can influence legislations. "The huge requirement of funds from parties to candidates and finally the way these expenses are dealt with shows that the party system has crumbled. When outside candidates fight polls from a place they are not aware of, note-for-vote happens in a big way. Unless election expenses are properly accounted for, there is no way to ensure good governance," Rao said.

Comments

Popular posts from this blog

BIRLAS ENTER TOP LEAGUE WITH $50 BILLION M CAP

The Aditya Birla group has entered the top valuation league with a market cap of over USD 50 billion post listing of financial services arm Aditya Birla Capital (ABCL), but Tatas remain on top with over USD 132 billion.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
Among various listed companies of the group, UltraTech Cement's valuation stood at Rs 1,10,097.70 crore at the end of Friday's trade while that of Grasim Industries was Rs 76,881.73 crore.
The newly-listed Aditya Birla Capital's market capitalisation was over Rs 55,000 crore, Hindalco (Rs 54,607.09 crore), Idea Cellular (Rs 32,064.91 crore), Aditya Birla Fashion and Retail (Rs 13,155.73 crore) and Aditya Birla Money (Rs 547.71 crore).
Among Indian conglomerates, the Tata group remains on the top in terms of total valuation of listed firms with about Rs 8,46,567 crore (USD 132.5 billion).
There are 29 pu…

DHIRUBHAI ENJOYED IN WEALTH CREATION

Leading businessman Anil Ambani today said more than creating wealth for himself, his father late Dhirubhai Ambani derived greater happiness from creating wealth for masses. "If you ever asked what part of being an entrepreneur he (late Ambani) enjoyed the most, he would say, 'I enjoy creating wealth. But what I enjoy even more is in creating wealth for the people of the country,'" the Anil Ambani Group chairman said while addressing an industry event here. It can be noted that the late Ambani, who had a humble beginning as a primary school teacher's son in Gujarat, is regarded as the father of capital markets and the equity cult, who made millions of investors millionaires with the IPO of Reliance Textile Industries in 1977. A person who had put in Rs 1,000 then in the IPO is worth over a million today, going by the price of RIL. Stating that the launch of Kothari Pioneer Mutual Fund, which was country's first private MF in 1993, was his (Dhirubhai's) id…

BEAR GRIP ON INDIAN STOCK MARKET

RECORDS 1 WEEKLY FALL IN 6 WEEKS
Gripped by fear psychosis due to geo-political aftershocks, key stock market indices were on a sticky wicket for the fifth day today as both Sensex and Nifty fell over 1 per cent to hit their one-month lows. The sharp plunge left investors poorer by over Rs 95,000 crore as the market cap stood at Rs 1,27,08,846 crore. Risk appetite took a hit after the Economic Survey said achieving the high end of the 6.75-7.5 per cent growth projected previously will be difficult. This is markets' first weekly fall in six.
Weakness in the rupee against the American currency and lacklustre global shares dragged down the indices, too. The BSE 30-share Sensex remained in the negative zone and settled down 317.74 points, or 1.01 per cent, at 31,213.59, its weakest closing since July 4. The index had tumbled 794.08 points in the last four sessions. The NSE Nifty after cracking the 9,700-mark to hit a low of 9,685.55, finally settled lower 109.45 points, or 1.11 per cent…