In a recent interview with Thanthi TV, Prime Minister Narendra Modi addressed the controversy surrounding electoral bonds, asserting that opposition parties criticizing the scheme would eventually “regret” their stance. Despite recent legal setbacks, Modi defended the initiative, acknowledging potential shortcomings while emphasizing its role in bringing transparency to political funding.

The Prime Minister challenged detractors, questioning the transparency of pre-2014 election expenditures and highlighting the electoral bonds’ role in disclosing funding details to the public domain. Modi underscored the significance of the electoral bonds, which have been labeled as “India’s biggest scam” by the opposition, in providing a traceable trail of political donations.

Modi’s remarks come in the wake of a landmark verdict on February 15, where a five-judge constitution bench deemed the electoral bonds scheme unconstitutional, mandating disclosure of donor data by the Election Commission. Despite the setback, Modi remained resolute, signaling a willingness to rectify any flaws in the system while defending the fundamental premise of electoral bonds.

Introduced by the Narendra Modi-led NDA government in 2018, electoral bonds serve as a financial instrument enabling Indian citizens and corporate entities to financially support political parties. Despite criticisms and legal challenges, the government has maintained that electoral bonds were implemented to “cleanse the system of political funding in the country.”