Most Expensive Polls Ever? Record Rs 1.35 Lakh Crore Spent in 2024 Election
The 2024 Lok Sabha Election is set to make history as the most expensive electoral event globally, with an estimated expenditure of a staggering Rs 1.35 lakh crore. According to the Centre for Media Studies, the cost of a single vote in India has now reached an astonishing Rs. 1,400. Political parties, including the ruling BJP, opposition Congress, and Samajwadi Party, are leaving no stone unturned in their bid to win over voters, with an estimated Rs 1 lakh crore already spent during this election, a significant increase from the Rs. 55,000-60,000 crore spent in the 2019 elections.
The Election Commission of India (ECI) has set expenditure limits for candidates, allowing each Member of Parliament (MP) to spend up to Rs 95 lakhs, while Members of the Legislative Assembly (MLAs) can spend between Rs 28 lakhs and Rs 40 lakhs, varying by state. However, there is no restriction on the expenditure by political parties themselves, leading to soaring campaign costs.
Historically, the increase in spending limits has been substantial, with candidates in the first general election in 1951-52 allowed to spend Rs 25,000, compared to the current limit of Rs 75-95 lakhs. Overall election expenditure has also risen significantly, from Rs 9,000 crore in 1998 to approximately Rs 55,000 crore in 2019.
Despite efforts to monitor spending, a significant amount of election expenditure remains undisclosed. The ECI appoints designated expenditure observers, but instances of under-the-table inducements such as gifts, cash, and gold to influence voter behavior persist with each election.
To promote transparency, political parties are required to submit annual contribution reports to the ECI for contributions exceeding Rs 20,000, along with Annual Audited Accounts (AAA) and election expenditure reports within 75 days post-election, which are then made public on the ECI’s website.
The 2024 Lok Sabha Election, conducted in seven phases from April 19 to June 1, will announce the poll results on June 4. As the spending on elections continues to rise, questions regarding the accountability and transparency of election financing remain at the forefront of public discourse.
