The election war chest: How INDIA bloc and NDA compare on finances

While the BJP is in pole position, having won 303 seats on its own and 329 seats as part of the National Democratic Alliance (NDA) in 2019, the Opposition INDIA bloc – which won 145 seats last time – will be hoping its combined might can pose a challenge. Though seat-sharing negotiations within the INDIA bloc are yet to begin, its leading party in the Congress has begun fundraising efforts with its ‘Donate for Desh’ online crowdfunding campaign, which began from December 18 and will run until the party’s 138th foundation day on December 28.

The NDA, particularly the BJP, eclipsed its rivals in the 2019 polls in terms of seats; the alliance is also further ahead of the INDIA bloc in terms of finances. Given the scale of the general elections, gathering enough funds will be crucial for an effective campaign. But it’s an uphill battle for the INDIA bloc to take on the BJP’s financial might, which has been growing in recent years according to data compiled by the Association for Democratic Reforms on party finances from 2018-19 to 2021-22.

While the INDIA bloc has 26 members, of which only 16 have made financial declarations to the Election Commission, the NDA has 34 members, of which 16 have made declarations in recent years. The data, however, predates the INDIA bloc, which was formed in July this year. Data for the Shiv Sena and NCP were not included in this analysis since the parties split into factions after these declarations were made.

INDIA vs NDA: Annual income

In terms of annual income, as per the parties’ declarations to the Election Commission between 2018-19 and 2021-22 (the latest available year), the INDIA bloc has lagged the NDA every year except in 2020-21.

In 2021-22, the biggest earners among the BJP’s regional partners were the Jannayak Janata Party (Rs 4.5 crore) and new ally JD(S) (Rs 2.2 crore).

In 2018-19 and 2019-20, the NDA was no match for the INDIA bloc. In 2021-22 though, it was about Rs 156 crore short of the NDA’s annual earnings.

In 2018-19, the Congress accounted for almost 70% of the INDIA bloc’s earnings. This figure was down to 30% or Rs 541.3 crore in the latest earnings declaration in 2021-22. In 2021-22, the other major parties in terms of income were the Trinamool Congress (Rs 545.7 crore), DMK (Rs 318.7 crore), CPI(M) (Rs 162.2 crore), JD(U) (Rs 86.6 crore), Samajwadi Party (Rs 61 crore) and Aam Aadmi Party (Rs 44.5 crore).

In the NDA, the BJP comprises between 97.5% and 99.5% of the combined annual earning. In 2021-22, the biggest earners among the BJP’s regional partners were the Jannayak Janata Party (Rs 4.5 crore) and new ally JD(S) (Rs 2.2 crore).

INDIA vs NDA: Assets

It’s a similar story in terms of the alliances’ assets – the NDA’s wealth has grown faster and to a larger sum than the INDIA bloc’s between 2018-19 and 2021-22.

While the NDA has more than doubled its assets between 2018-9 and 2021-22, the INDIA bloc’s assets have grown by 28%.

In 2018-19, the INDIA bloc’s combined assets were the closest to the NDA. Since then, the NDA has comfortably outstripped the INDIA bloc. While the NDA has more than doubled its assets between 2018-9 and 2021-22, the INDIA bloc’s assets have grown by 28%.

The Congress makes up the largest chunk of the INDIA bloc’s assets too, from 36.9% (Rs 928.8 crore) in 2018-19 to 25% (Rs 805.7 crore) in 2021-22. In 2021-22, the other major asset holders were the CPI(M) (Rs 735.8 crore), SP (Rs 568.4 crore), TMC (Rs 458.1 crore), DMK (Rs 399.1 crore) and JD(U) (Rs 168.9 crore).

In terms of assets too, the BJP has not accounted for less than 98% of the NDA’s total between 2018-19 and 2021-22. In 2021-22, the JD(S) (Rs 13.3 crore), JJP (Rs 10.8 crore) and the Nagaland-based Nationalist Democratic Progressive Party (Rs 7.4 crore) had the most assets among the NDA members.