The Bharatiya Janata Party (BJP) has cemented its status as India’s richest political party, boasting a fund balance of ₹7,113.80 crore as of March 31, 2024, according to expenditure statements submitted to the Election Commission of India (ECI). This figure is over eight times that of the Indian National Congress (INC), which reported a total balance of ₹857 crore.
The latest data, released by the Election Commission of India (ECI) on Tuesday, highlights the massive financial strength of the BJP, majorly outpacing its political rivals in terms of both fundraising and expenditure. The ruling party spent ₹1,754.06 crore during 2023-24, marking a 60% increase from the ₹1,092 crore spent in 2022-23, primarily due to the Lok Sabha election campaigns.
BJP’s Financial Power: Key Highlights from EC Data
- BJP’s Total Fund Balance: ₹7,113.80 crore (March 31, 2024).
- BJP’s Expenditure in 2023-24: ₹1,754.06 crore (60% increase from ₹1,092 crore in 2022-23).
- Congress’ Total Fund Balance: ₹857 crore.
- Congress’ Expenditure in 2023-24: ₹619.67 crore (up from ₹192.56 crore in 2022-23).
Massive Contributions Through Electoral Bonds & Donations
A significant portion of the BJP’s funding came from voluntary contributions through electoral bonds, which have since been banned by the Supreme Court of India.
BJP’s Contributions:
- Received ₹1,685.69 crore via electoral bonds in 2023-24, compared to ₹1,294.15 crore in 2022-23.
- Received ₹2,042.75 crore in other contributions (donations and grants) in 2023-24, a sharp rise from ₹648.42 crore in the previous year.
Congress’ Contributions:
- Received ₹1,225.11 crore in total contributions in 2023-24.
- This included ₹828.36 crore through electoral bonds, now deemed unconstitutional by the Supreme Court of India.
With electoral bonds no longer an option, future political fundraising strategies for major parties may shift majorly.
BJP’s Record-Breaking Election Spending in 2023-24
BJP’s 2023-24 election expenditure witnessed a sharp rise, with a massive budget allocated towards advertising, travel, and campaign events.
1. Advertising & Media Expenditure
The BJP spent ₹591 crore on advertisements, including:
- ₹434.84 crore on electronic media (TV, digital platforms).
- ₹115.62 crore on printed materials (posters, pamphlets, newspapers).
In comparison, the Congress spent ₹207.94 crore on electronic media and ₹43.73 crore on printed material—less than half of BJP’s spending.
2. Election Campaign & Candidate Support
- BJP spent ₹174 crore on aircraft and helicopter rentals in 2023-24, a significant rise from ₹78.23 crore in the previous year.
- BJP provided ₹191.06 crore as financial assistance to its candidates, compared to ₹75.05 crore in 2022-23.
- The party spent ₹84.32 crore on meeting expenses and ₹75.14 crore on rallies, call centers, and protests (morchas and andolans).
These figures demonstrate BJP’s aggressive election campaign strategy, leveraging advertising, aerial travel, and financial backing for candidates to consolidate its electoral dominance.
Congress’ Financial Position: A Distant Second
While the Congress remains the second wealthiest political party, its finances pale in comparison to the BJP’s.
- Congress spent ₹619.67 crore in 2023-24, significantly lower than BJP’s ₹1,754.06 crore.
- Congress’ advertising spending on electronic media (₹207.94 crore) was less than half of BJP’s ₹434.84 crore.
- Unlike the BJP, which saw a sharp rise in donations, Congress’ fundraising relied heavily on grants and traditional donations.
With the ban on electoral bonds, Congress may now have to restructure its fundraising strategies to remain financially competitive in the 2024 General Elections.
How BJP’s Financial Dominance Impacts Indian Politics?
The BJP’s massive financial strength gives it a significant advantage in elections. With record-breaking advertising, increased candidate funding, and aggressive campaigning, the party has established itself as a fundraising powerhouse.
Implications for Future Elections:
- Greater Media Presence: BJP’s huge ₹591 crore advertising budget ensures dominance across TV, digital, and print media, making it the most visible party.
- More Campaign Resources: With ₹191 crore spent on candidate funding, BJP can support more candidates across states, increasing its chances of electoral success.
- Strategic Use of Travel & Rallies: Increased spending on helicopters, aircraft, and rallies allows BJP to mobilize voters more efficiently.
- Impact of Electoral Bond Ban: With electoral bonds no longer available, BJP will have to explore new funding avenues, which may also impact other political parties’ finances.
BJP’s Unmatched Financial Edge
With ₹7,113 crore in fund reserves, the BJP is India’s richest political party, far ahead of its closest rival, the Congress (₹857 crore). The party’s record-breaking election expenditure of ₹1,754 crore in 2023-24 reflects its aggressive electoral strategy, powered by massive contributions, advertising, and campaign spending.