Renowned economist Parakala Prabhakar, who is married to Union Finance Minister Nirmala Sitharaman, shared his thoughts on the contentious topic of electoral bonds, predicting that it will have a major impact on the ruling Bharatiya Janata Party (BJP) in the upcoming Lok Sabha elections.
In an interview, Prabhakar predicted that the electoral bond issue will become even more major than it now is and that people are beginning to understand that it is the biggest “scam” in history, not just in India but the entire world. Prabhakar forecast that the administration would suffer serious electoral repercussions as a result of this problem.
Speaking to news agency, he said, “The electoral bond issue will gain much more momentum than what it is today. It will become a major issue. Everybody is now understanding that it is not only the biggest scam in India but is the biggest scam in the world. Now the fight is not between two alliances but between the BJP and the people of India. It has already spun out of the control of the BJP and the BJP government. Because of this issue, this government will be severely punished by the electorate.”
The Election Commission of India (ECI) posted electoral bond data on its official website in compliance with Supreme Court orders. These figures show that the main beneficiary of electoral bonds was the BJP under PM Modi, which received Rs6,986.5 crore between April 12, 2019, and February 15, 2024. West Bengal’s ruling party, the Trinamool Congress, came in second with Rs 1,397 crore, followed by the Congress with Rs 1,334 crore and the Bharat Rashtra Samithi (BRS) with Rs 1,322 crore.
The Central Government’s Electoral Bond Scheme, which permitted political parties to receive anonymous money, was declared unconstitutional by the Supreme Court in February. The State Bank of India (SBI) was ordered by the court to stop issuing Election Bonds right away.
The opposition, however, has persistently charged that the BJP has benefited disproportionately from the electoral ties, alleging that the ruling party has reciprocated by entering into agreements in exchange for favours with corporations.
