Why malign India Inc? Electoral bonds just tip of poll funding iceberg'

There was a sense of disquiet in India Inc a day after the Election Commission of India (ECI) published details of the buyers and beneficiaries of electoral bonds following the Supreme Court's directions. Corporate leaders felt the data ought to have remained "anonymous".

A senior executive of a company said the confidentiality of electoral bonds was on account of government policy. "It's unfair to put companies in the interrogation box," the executive said.

While top conglomerates declined to comment on the issue, some senior executives spoke to Business Standard about the now-scrapped electoral bonds scheme and election funding on condition of anonymity.

"Elections in India are held quite frequently, and the actual cost of holding elections is not known. The funding of elections via bonds is just the tip of the iceberg in terms of spending by political parties," said an executive. One of the ideas floated earlier was state funding of elections, but there was no consensus on the issue, the executive pointed out.

Another executive from a well-known corporate group, which was part of the electoral bonds list, argued that both electoral trusts and electoral bonds were legal options and within the ambit of the law. "So, why is there an attempt to malign India Inc?" he asked.