Sitaram Yechury: Corporate funding of political parties should stop

Sitaram Yechury: Corporate funding of political parties should stop: Corruption will double with Rs 2,000 notes. As far as stopping corruption is concerned, you are only looking at its demand side...

Consensus on corruption
This refers to the piece “Corporate funding of political parties should stop” by Sitaram
Yechury (Business Standard, Opinion, November 20). Yechury’s speech in the Rajya Sabha on November 16, signals a possibility of consensus on possible sources and uses of funds raised by political parties and broad agreement on transparency in election expenditure. Time is opportune for Modi government to make the right moves to initiate processes to formally debate state funding of election expenditure. Several related issues will crop up, if a serious proposal of this nature is discussed in public.
Sitaram Yechury has suggested stopping corporate funding of political parties. This is easier said than done. It may not be practical to ban private contributions to political parties. Election funding, or pumping money to ensure that candidate ‘X’ wins from a particular constituency is a different matter. Here, the ceilings for expenditure per candidate should be fixed rationally and enforced. Where candidates from ‘recognized’ political parties have no known sources of income for funding election expenditure, or have inadequate resources, government through the Election Commission should part-fund such deficits. The corpus for such funding should be created by appropriate mobilization from political parties and corporates in a transparent manner.

M G Warrier, Mumbai  
Blog No: 243620112016

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