In 2023–24, BJP had received ₹1,686 crore via electoral bonds and ₹856 crore through electoral trusts, forming a substantial part of its total voluntary contributions of ₹3,967 crore. With the bonds route closed following the apex court’s ruling, corporate donors seeking a degree of anonymity appear to have pivoted decisively towards the electoral trust model.
While electoral trusts require disclosure of total donations, they do not mandate public disclosure of company-wise, party-specific contributions in the same manner as direct donations. This partial opacity seems to have made trusts the preferred alternative for large corporate donors.
Prudent Electoral Trust Emerges as Key Player
The Prudent Electoral Trust retained its position as the largest donor among all trusts, disbursing ₹2,668 crore to 15 political parties in 2024–25. Of this, BJP alone received ₹2,180.7 crore, underscoring its dominant share in trust-based funding.
Other major trusts also routed the bulk of their funds to the ruling party. The Tata Group-linked Progressive Electoral Trust contributed ₹757.6 crore to BJP out of its total ₹915 crore disbursements. A B General Electoral Trust donated ₹460 crore to BJP, while the Mahindra Group-backed New Democratic Electoral Trust gave ₹150 crore of its ₹160 crore corpus to the party.
Opposition Parties Trail Far Behind
In contrast, the Congress received around ₹313 crore via electoral trusts in 2024–25, forming a significant portion of its total contributions of ₹517 crore for the year. However, this figure was far lower than the ₹828 crore the party had received through electoral bonds in the general election year of 2023–24.
The Trinamool Congress accounted for about 3.6% of total trust-based donations, receiving ₹153.5 crore via trusts. Other parties such as the Biju Janata Dal, Bharat Rashtra Samithi, and YSR Congress Party also saw a steep decline in overall funding compared to the bond-driven inflows of the previous year.
Trust Donations Only Part of the Bigger Picture
Experts point out that electoral trust donations represent only one component of political funding. Parties continue to receive substantial contributions directly from individuals, corporates, institutions, and welfare bodies. Historically, non-trust donations have exceeded the amounts routed through trusts.
Nevertheless, the sharp rise in trust-based funding highlights how corporate donors have adapted quickly to regulatory changes, ensuring continuity in political contributions despite the Supreme Court’s landmark intervention.
Transparency Debate Continues
The shift from electoral bonds to trusts has reignited debates on transparency in political funding. While the bond scheme was criticised for complete anonymity, critics argue that electoral trusts still fall short of full public disclosure. Supporters, however, maintain that trusts offer a more regulated and accountable framework.