The India Power Atlas
Part VII · Elections
Chapter 28

Party Finance

Arena 6.4 · weight 3 · reading 58.4 · contested

28.1Scope

Money to fight elections.1

The arena is measured by income of every party with filed accounts, spending (including the 2024 campaign) and reserves held by each side.

28.2Significance

Campaigns, ads, logistics. Mostly counted as borrowed power: expected to leave when the BJP leaves office.

28.3Indicators and weights

Table 28.1 lists the 3 indicators of the arena, the weight of each within the arena, and each indicator’s reading (the Hindutva-aligned share, from 0 to 100).

Table 28.1. Indicators of arena 6.4

IndicatorWeightReading
Income share of all parties, FY2023-2520.4059.1
Spending (party expenditure and LS 2024 campaign)30.3050.4
Reserves: party assets at 31 Mar 202540.3065.4
Arena reading1.0058.4

28.4Reading

The arena reads 58.4, 8.4 points above parity, and is classified as contested (a reading from 45 to below 60). With a weight of 3 of a total 107.7, it contributes 1.63 points to the composite reading of 45.7.

The indicators diverge: the highest reading is for reserves: party assets at 31 Mar 2025 (65.4), the lowest for spending (party expenditure and LS 2024 campaign) (50.4).

Figure 28.1. Readings of arena 6.4 by indicator
050100
Income share of all parties, FY2023-2559.1
Spending (party expenditure and LS 2024 campaign)50.4
Reserves: party assets at 31 Mar 202565.4
Arena reading58.4
Hindutva-alignedOpposed

Each bar divides the indicator between Hindutva-aligned (left) and opposed (right) holdings. The vertical rule marks parity.

28.5Measures and exhibits

The exhibits below are the Atlas’s own views of the data behind each measure: shares by side, the largest units, breakdowns by source, recipient and country, money-flow diagrams and time series. Full row-level ledgers are in the data file (Appendix D).

Measure 1. Income share of all parties, FY2023-25

Reading 59.1%

warchest_units.csv total_income; other opposition counts R

Figure 28.2. Hindutva-aligned vs opposed, counted rows (₹ crore)
Hindutva-aligned 7,114 ₹ crore · 74.5%Opposed 2,431 ₹ crore · 25.5%Transactional 0 ₹ crore · 0.0%Neutral / not counted 0 ₹ crore · 0.0%
Data table
₹ croreShare
Hindutva-aligned7,11474.5%
Opposed2,43125.5%
Transactional00.0%
Neutral / not counted00.0%
Figure 28.3. The 15 biggest of 45 (₹ crore)
BJP (Bharatiya Janata Party)6,769
INC (Indian National Congress)918
DMK366
TDP (Telugu Desam Party)228
AITC (All India Trinamool Congress)219
CPI(M) (Communist Party of India (Marxist))173
YSRCP (Yuvajana Sramika Rythu Congress Party)140
BRS (Bharat Rashtra Samithi (TRS before Oct 2022))124
BJD (Biju Janata Dal)110
AIADMK (All India Anna Dravida Munnetra Kazhagam)86.2
JSP (Janasena Party)64.1
MNS (Maharashtra Navnirman Sena)60.8
BSP (Bahujan Samaj Party)58.6
AAP (Aam Aadmi Party)39.3
JMM (Jharkhand Mukti Morcha)37.3
Hindutva-alignedOpposed
Data table
₹ croreSide
BJP (Bharatiya Janata Party)6,769Hindutva-aligned
INC (Indian National Congress)918Opposed
DMK366Opposed
TDP (Telugu Desam Party)228Hindutva-aligned
AITC (All India Trinamool Congress)219Opposed
CPI(M) (Communist Party of India (Marxist))173Opposed
YSRCP (Yuvajana Sramika Rythu Congress Party)140Opposed
BRS (Bharat Rashtra Samithi (TRS before Oct 2022))124Opposed
BJD (Biju Janata Dal)110Opposed
AIADMK (All India Anna Dravida Munnetra Kazhagam)86.2Opposed
JSP (Janasena Party)64.1Hindutva-aligned
MNS (Maharashtra Navnirman Sena)60.8Opposed
BSP (Bahujan Samaj Party)58.6Opposed
AAP (Aam Aadmi Party)39.3Opposed
JMM (Jharkhand Mukti Morcha)37.3Opposed
Figure 28.4. The money flow: from whom, through which camp, to where1858 flows counted, ₹29,953 crore.
company/individual donor to electoral trust → Hindutva-aligned: ₹6,504 crelectoral bond purchaser → Opposed: ₹6,307 crelectoral trust → Hindutva-aligned: ₹5,884 crelectoral bond purchaser → Hindutva-aligned: ₹5,839 crparty (spender) → Opposed: ₹1,791 crparty (spender) → Hindutva-aligned: ₹1,551 crelectoral trust → Opposed: ₹1,349 crcorporate/individual donor → Hindutva-aligned: ₹476 crcorporate/individual donor → Opposed: ₹236 crcompany/individual donor to electoral trust → Opposed: ₹16 crHindutva → electoral trust (pass-through): ₹6,504 crOpposed → party treasury (electoral bonds): ₹6,307 crHindutva → party treasury (electoral bonds): ₹5,839 crHindutva → party treasury (via electoral trust): ₹5,278 crOpposed → election spending: ₹1,791 crHindutva → election spending: ₹1,551 crOpposed → party treasury (via electoral trust): ₹1,323 crHindutva → party treasury: ₹1,082 crOpposed → party treasury: ₹261 crOpposed → electoral trust (pass-through): ₹16 crelectoral bond purchaser: ₹12,146 crelectoral bond purchaser ·₹12,146electoral trust: ₹7,233 crelectoral trust · ₹7,233company/individual donor to electoral trust: ₹6,520 crcompany/individual donor toelectoral trust · ₹6,520party (spender): ₹3,342 crparty (spender) · ₹3,342corporate/individual donor: ₹712 crcorporate/individual donor ·₹712Hindutva-aligned: ₹20,254 cr67.6%Opposed: ₹9,699 cr32.4%party treasury (electoral bonds): ₹12,146 crparty treasury (electoral bonds)· ₹12,146party treasury (via electoral trust): ₹6,602 crparty treasury (via electoraltrust) · ₹6,602electoral trust (pass-through): ₹6,520 crelectoral trust (pass-through) ·₹6,520election spending: ₹3,342 crelection spending · ₹3,342party treasury: ₹1,343 crparty treasury · ₹1,343
Hindutva-aligned ₹20,254 cr · 67.6%Opposed ₹9,699 cr · 32.4%
Left: where the money comes from · Middle: the camp it strengthens · Right: where it goes
Figure 28.5. The biggest sources, by the camp their money strengthens (₹ crore)
Prudent Electoral Trust5,144
Others (receipts minus named donors)2,887
BJP1,494
FUTURE GAMING AND HOTEL SERVICES PRIVATE LIMITED1,365
MEGHA ENGINEERING AND INFRASTRUCTURES LI MITED966
Progressive Electoral Trust915
AB General Electoral Trust641
INC620
Elevated Avenue Realty LLP500
QWIKSUPPLYCHAINPRIVATELIMITED410
VEDANTA LIMITED400
HALDIA ENERGY LIMITED377
Hindutva-alignedOpposedTransactionalNeutral / not counted
Data table
Hindutva-alignedOpposedTransactionalNeutral / not countedTotal
Prudent Electoral Trust4,0401,104005,144
Others (receipts minus named donors)2,87016.3002,887
BJP1,4940001,494
FUTURE GAMING AND HOTEL SERVICES PRIVATE LIMITED1111,254001,365
MEGHA ENGINEERING AND INFRASTRUCTURES LI MITED60336300966
Progressive Electoral Trust78812700915
AB General Electoral Trust6251600641
INC062000620
Elevated Avenue Realty LLP500000500
QWIKSUPPLYCHAINPRIVATELIMITED3753500410
VEDANTA LIMITED23017000400
HALDIA ENERGY LIMITED8129600377
Figure 28.6. The biggest recipients (₹ crore)
BJP11,783
Prudent Electoral Trust5,089
LS 2024 campaign (party expenditure statement)3,342
INC1,953
AITC1,695
BRS1,431
Progressive Electoral Trust915
BJD791
DMK697
YSRCP545
TDP320
SHS167
Hindutva-alignedOpposedTransactionalNeutral / not counted
Data table
Hindutva-alignedOpposedTransactionalNeutral / not countedTotal
BJP11,78300011,783
Prudent Electoral Trust5,0890005,089
LS 2024 campaign (party expenditure statement)1,5511,791003,342
INC01,953001,953
AITC01,695001,695
BRS01,431001,431
Progressive Electoral Trust915000915
BJD079100791
DMK069700697
YSRCP054500545
TDP75.224500320
SHS1382900167

Measure 2. Spending (party expenditure and LS 2024 campaign)

Reading 50.4%

warchest_units.csv

Figure 28.7. Hindutva-aligned vs opposed, counted rows (₹ crore)
Hindutva-aligned 3,954 ₹ crore · 59.6%Opposed 2,683 ₹ crore · 40.4%Transactional 0 ₹ crore · 0.0%Neutral / not counted 0 ₹ crore · 0.0%
Data table
₹ croreShare
Hindutva-aligned3,95459.6%
Opposed2,68340.4%
Transactional00.0%
Neutral / not counted00.0%
Figure 28.8. The 15 biggest of 42 (₹ crore)
BJP (Bharatiya Janata Party)3,775
INC (Indian National Congress)1,112
YSRCP (Yuvajana Sramika Rythu Congress Party)340
BJD (Biju Janata Dal)288
AITC (All India Trinamool Congress)228
BRS (Bharat Rashtra Samithi (TRS before Oct 2022))181
CPI(M) (Communist Party of India (Marxist))174
BSP (Bahujan Samaj Party)106
SP (Samajwadi Party)74.7
TDP (Telugu Desam Party)61.3
JSP (Janasena Party)56.9
AIADMK (All India Anna Dravida Munnetra Kazhagam)50.4
JD(U) (Janata Dal (United))38.7
AAP (Aam Aadmi Party)36.5
CPI (Communist Party of India)28.8
Hindutva-alignedOpposed
Data table
₹ croreSide
BJP (Bharatiya Janata Party)3,775Hindutva-aligned
INC (Indian National Congress)1,112Opposed
YSRCP (Yuvajana Sramika Rythu Congress Party)340Opposed
BJD (Biju Janata Dal)288Opposed
AITC (All India Trinamool Congress)228Opposed
BRS (Bharat Rashtra Samithi (TRS before Oct 2022))181Opposed
CPI(M) (Communist Party of India (Marxist))174Opposed
BSP (Bahujan Samaj Party)106Opposed
SP (Samajwadi Party)74.7Opposed
TDP (Telugu Desam Party)61.3Hindutva-aligned
JSP (Janasena Party)56.9Hindutva-aligned
AIADMK (All India Anna Dravida Munnetra Kazhagam)50.4Opposed
JD(U) (Janata Dal (United))38.7Hindutva-aligned
AAP (Aam Aadmi Party)36.5Opposed
CPI (Communist Party of India)28.8Opposed

Measure 3. Reserves: party assets at 31 Mar 2025

Reading 65.4%

BJP 12,171 + TDP 477 vs 6,695 cr

Figure 28.9. Hindutva-aligned vs opposed, counted rows (₹ crore)
Hindutva-aligned 12,648 ₹ crore · 65.4%Opposed 6,695 ₹ crore · 34.6%Transactional 0 ₹ crore · 0.0%Neutral / not counted 0 ₹ crore · 0.0%
Data table
₹ croreShare
Hindutva-aligned12,64865.4%
Opposed6,69534.6%
Transactional00.0%
Neutral / not counted00.0%
Figure 28.10. The 12 biggest of 12 (₹ crore)
BJP12,171
BRS1,561
AITC1,019
INC839
CPI(M)783
BJD721
BSP666
DMK554
SP503
TDP477
YSRCP38.5
AAP11.0
Hindutva-alignedOpposed
Data table
₹ croreSide
BJP12,171Hindutva-aligned
BRS1,561Opposed
AITC1,019Opposed
INC839Opposed
CPI(M)783Opposed
BJD721Opposed
BSP666Opposed
DMK554Opposed
SP503Opposed
TDP477Hindutva-aligned
YSRCP38.5Opposed
AAP11.0Opposed

28.6Evidence base

The arena rests on 909 coded units and 2,232 money flows. Of the units and flows, 1,046 are coded Hindutva-aligned, 2,095 opposed and 0 neutral, mixed or transactional. By source grade: 2,772 grade A, 315 grade B, 47 grade C, 4 grade D.

The full set of rows for this arena, each with its source, is in the Atlas data file (Appendix D).

Notes

  1. ECI audit reports. ↩
  2. warchest_units.csv total_income; other opposition counts R. ↩
  3. warchest_units.csv. ↩
  4. BJP 12,171 + TDP 477 vs 6,695 cr. ↩