Sustainable Election and Political Party Finance in India: An Alternative system of Political Financing

Abstract

Competitive political parties and efficient election campaigns are the mainstay of Indian politics. The finance structures of the political parties play a key role in the success of their electioneering. This article explores the emphasis of the need to formulate a model of institutionalized funding of and electoral bonds for election campaigns and political parties in India. The aim of this work is to come up with an institutionalized and funding framework for the election campaigns of political parties in India, i.e., a model of state funding of election campaigns in India. The model proposes a mechanism for the financial regulation of the election campaigns of political parties in India. The study talks about electoral finance reforms, such as a ceiling on the election expenditure by political parties, thereby promoting partial state funding of election campaigns and reducing the role of illicit election finance in Indian elections. The model of reformed electoral bonds offers a sustainable mechanism to support political finance in India. The research shall be executed through empirical and normative analyses of open source data, particularly official reports published by the Government of India and international agencies. The goal of this work is to lend an insight into the changing dynamics of an effective election finance system that is moving towards the adoption of sustainable political finance models both at the Centre and the State. This study will help to formulate alternative methods of election finance in India which would be transparent and less susceptible to the threats of corruption and illicit finance.