Bonds, big money and an imperfect democracy

Context:

The Supreme Court of India's recent ruling declared the electoral bonds scheme unconstitutional, raising concerns about its effectiveness in addressing the issue of black money in politics.

Gap between the professed and the actual:

• Failed attempt:The electoral bonds scheme failed to bridge the divide between the stated objective of curbing illegal financing in elections and the actual practices prevalent in Indian politics.
• Promoting financing backers:Despite its implementation, political leaders continue to prioritize the interests of financial backers over the welfare of their constituents.

Money and the election:

• Persistent challenges:The introduction of electoral bonds did not deter the flow of illegal funds into election campaigns, highlighting the persistent challenges in campaign financing and political influence.
• Misuse and manipulation: The scheme's opacity facilitated potential misuse and manipulation, undermining efforts to promote transparency and accountability in electoral processes.

Cronyism uncovered:

• Cronyism and corruption:Recent revelations regarding the use of electoral bonds have exposed the extent of cronyism and corruption in Indian politics, with funds exchanged for favors from policymakers and to evade legal scrutiny.
• Need of reforms: The scheme's failure underscores the urgent need for comprehensive reforms to address systemic issues and uphold the integrity of democratic institutions.