Editorial:
The elimination of corruption and restoration of transparency in country’s political system is unlikely to be achieved without complete ban on political funding by the corporate houses. Huge funds flowing from corporate houses to various political parties have turned out to be big menace in fight against corruption.
A recent report unearthing huge corporate funding to BJP in 2016-17 has given enough indication of how corporate houses tend to appease the ruling political masters to serve their vested interest. Nearly 81% rise of income of BJP to Rs 1034 crore in 2016-17 as compared to other major seven political parties indicated how corporate funds are flowing to the ruling party. This income of BJP is nearly two-thirds of combined income of Rs 1559 crore of all parties in 2016-17. This state of affair is not good for honest, transparent and vibrant democracy. The functioning of various trusts constituted by the corporate houses for such funding is opaque.
The BJP continuing to be favourite of the corporate houses funding demonstrated their tilt to power centre for vested interest. The Prime Minister Narendra Modi’s call for fight against corruption is meaningless with such prevailing situation in political system. There is need of complete ban political funding as it has also become one of the major sources of converting black money into white. In view of huge circulation of black money in politics, the system introduced through electoral bonds will also not serve the purpose of transparency and stop inflow of black money in politics.
The report is an eye-opener indicating how various political parties, especially ruling parties are amassing huge donations. The political parties in the country have unfortunately become one of the major conduits of money laundering for which strict legal action is urgently required to clean the system. The corporate houses have evolved dubious means for money laundering and tax evasion in which large number of political parties are also playing major role. The tax exemption to the political parties also needs to be withdrawn.
