‘Quid pro quo’: How Indian firms fund parties whose governments help them
Summary
India's Supreme Court banned anonymous political donations through electoral bonds in February 2024. Despite this, companies continued making large donations to political parties through electoral trusts, which require donor identities to be disclosed. Most of these donations went to Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), raising questions about the influence of money on politics.Key Facts
- India banned anonymous political donations through electoral bonds in February 2024.
- Between 2018 and 2024, $2 billion was donated secretly via bonds, mostly to the BJP.
- Companies still donate large sums to parties through electoral trusts, which reveal donor identities.
- In 2024-2025, nine electoral trusts donated $459.2 million to parties, with the BJP receiving $378.6 million.
- The Tata Group donated about $110.2 million to ten parties, with $91.3 million going to the BJP.
- Donations by Tata occurred shortly before India's government approved semiconductor projects worth $15.2 billion.
- The BJP has benefited the most from political donations among Indian parties.
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