Reforming Political Funding in India: A Path Towards Transparency and Accountability
In a recent landmark verdict, the Supreme Court of India delivered a significant blow to the contentious electoral bond system, acknowledging its imperfections and paving the way for crucial reforms in the realm of political funding. This decision not only underscores the inherent flaws in the existing mechanism but also opens the door to exploring alternative avenues that prioritize transparency and accountability in the financing of political parties. The electoral bond system, introduced with the purported aim of cleansing political funding by facilitating legitimate, transparent contributions, has faced intense scrutiny since its inception. Critics have raised valid concerns regarding the anonymity of donors, the lack of disclosure requirements, and the potential for misuse by vested interests. The acknowledgement of the finance minister of the system's shortcomings further underscores the urgent need for reform. In light of these challenges, it is imperative to explore alterna...