BJP raised record ₹1,685 crore via electoral bonds in FY24
What's the story
The Bharatiya Janata Party (BJP) raised a record ₹1,685 crore through electoral bonds in the financial year 2023-24. This is the highest annual income from bonds declared by any political party so far since the bonds were introduced. However, the share of electoral bonds in the BJP's total donations declined compared to the previous fiscal year.
Financial overview
BJP's total income and expenditure details revealed
The BJP's total income for FY 2023-24 stood at a whopping ₹4,340 crore, an 83% increase from the previous year. Electoral bonds comprised more than 38% of the total income. The party also reported massive expenditure on election and propaganda activities during the 2024 Lok Sabha elections, spending ₹1,754.06 crore on these activities as opposed to ₹1,092.15 crore in the last fiscal year.
Legal decision
Supreme Court ruling and impact on political funding
In February 2024, the Supreme Court deemed the electoral bond scheme unconstitutional. Before the ruling, in FY 2022-23, electoral bonds made up a whopping 54% of the BJP's overall income with the party getting ₹1,294.14 crore through these bonds. The share of electoral bonds in voluntary contributions fell to 43% in FY 2023-24 after the court's ruling.
Funding breakdown
BJP's voluntary contributions and other income sources
Voluntary contributions to the BJP witnessed a massive jump, rising to ₹3,967.14 crore in FY 2023-24 from ₹2,120.06 crore in FY 2022-23. Other income sources included ₹236.3 crore from BJP's fund-raising scheme, the Aajiwan Sahayog Nidhi, and ₹2,042.7 crore from "other" contributions. Individual donors donated around ₹240 crore, while corporates contributed a whopping ₹1,890 crore to the party's coffers in this period.
Income comparison
Congress's income rise and electoral bond earnings
Meanwhile, the Congress party also saw a massive jump in its annual income during the same period, according to its annual audit report. Its annual income increased by over 170%, amounting to ₹1,225 crore in FY 2023-24 from ₹452.4 crore in FY 2022-23. Notably, the Congress received ₹828.4 crore via electoral bonds in FY 2023-24 compared to ₹171 crore the previous year.