Data from the Election Commission of India show that out of the 15 biggest States by their GSDP, 13 States have seen growth in their political donations to parties from FY19 to FY24. Donations from Delhi, Gujarat, and Maharashtra were the highest in FY24, with a few corporate trusts contributing the largest amounts. The Bharatiya Janata Party (BJP) received the majority of these donations, outpacing all other national parties.
The financial years FY19 and FY24 are significant as they preceded the Lok Sabha elections. Data from ECI show that the highest political donations in FY24 came from Delhi, which saw a tenfold increase from ₹141 crore in FY19 to ₹989 crore in FY24. Gujarat ranked second, with donations rising from ₹55 crore in FY19 to ₹404 crore in FY24. In contrast, Maharashtra, which had contributed ₹548 crore in FY19, saw a decline in donations to ₹334 crore in FY24.
Donation rankings
Out of ₹2,544 crore worth of donations in FY24, corporate entities accounted for around 88 per cent of total political donations. Leading the list was the Delhi-based Bharati Enterprises-backed Prudent Electoral Trust, which donated ₹880 crore to national political parties, with about 82 per cent of that amount going to the BJP and over 17 per cent to the Congress. Prudent has consistently topped donation rankings in the last decade alone. Major corporate contributors to the trust included DLF and Arcelor Mittal Nippon Steel, each donating ₹100 crore, and Maatha Projects LLP, which donated ₹75 crore to the trust this year
Every year, political parties submit donation details of monetary contributions exceeding ₹20,000 to the ECI, which also includes information about various electoral trusts backed by corporate giants, available on the ECI’s website. Electoral bonds were also a primary means of donation, but they were banned by the Supreme Court last year.
Gujarat ranked second in political donations in FY24, with Ahmedabad-based infrastructure and construction giant DRA Infracon contributing ₹50 crore, all of which went to the BJP. Between April and October 2023 alone, the company donated ₹18 crore through electoral bonds. The firm recently secured a contract with the National Highways Authority of India to develop the Guwahati Ring Road, a project valued at approximately ₹5,700 crore.
Another Ahmedabad-based company, Intas Pharmaceuticals, donated ₹25 crore to the BJP in FY24, making it the second-highest corporate donor from Gujarat. The company, which manufactures generic drugs, had previously purchased ₹20 crore worth of electoral bonds in October 2022. In December 2022, the US Food and Drug Administration flagged quality control issues at one of its facilities in Ahmedabad.
Maharashtra ranked third in political donations in FY24, with Derive Investments topping the list from the State with a contribution of ₹53 crore. The group, engaged in venture capital and trading, operates under Derive Trading and Resorts Private Ltd, which is controlled by Radhakishan Damani, the owner of D-Mart. Derive Investments also purchased ₹7.5 crore worth of electoral bonds, which were donated to both the BJP and the Congress.
In FY24, Tamil Nadu-based Triumph Electoral Trust donated a total of ₹132.5 crore to two parties, with ₹127.5 crore going to the BJP and ₹5 crore to the DMK. The trust was primarily funded by five Tamil Nadu-based corporate entities, including Cholamandalam Investment and Finance, which contributed ₹50 crore; CG Power and Industrial Solutions, ₹30 crore; and Coromandel International Limited, ₹25 crore.