Opaque political financing could cost democracy dear

Context:

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.