Opaque political financing could cost democracy dear
The design of electoral bonds leans to the advantage of the ruling party. It makes important that independent institutions check the shortcomings of electoral bonds.
Role of Political Financing:
- Institutional: Lack of transparency in electoral bonds renders the power of the Election Commission of India (ECI) irrelevant in terms of ensuring a level-playing field.
- Organizational:It determines whether the power is drawn from organizational structures or exercised in a personalistic manner.
- Ideological:The ideological basis of political competition tends to become severely corroded when there is a narrow concentration of economic capital.