The Trinamool Congress (TMC), West Bengal's ruling party, has reported a nearly three-fold surge in its declared political donations for the financial year 2024-25, marking a significant shift in its funding sources. According to contribution reports submitted to the Election Commission of India (ECI), the party amassed ₹184.96 crore from 448 donors in this period.
A New Era of Political Funding
This substantial inflow of ₹184.96 crore starkly contrasts with the ₹64.24 crore the Mamata Banerjee-led party received in 2023-24. The dramatic increase highlights a major transition in the party's financial machinery, occurring in the wake of the Supreme Court's decision to scrap the controversial electoral bonds scheme in February 2024. For years, especially after its 2021 assembly victory, the TMC's coffers were heavily replenished by these anonymous instruments.
In the absence of electoral bonds, electoral trusts have emerged as the primary conduit for political contributions to the TMC. Unlike the opaque bonds, these trusts are non-profit entities formed by companies to pool and distribute donations with full disclosure of the original donors, ensuring greater transparency as mandated by law.
Historical Funding and Election Expenditure
The TMC's reliance on now-defunct electoral bonds was evident in its past financials. The party received a staggering ₹528 crore in 2021-22, with a whopping 96% sourced from electoral bonds. The following year, 2022-23, saw funding of ₹325 crore, again predominantly through bonds. These funds supported the party's campaign during the 2021 West Bengal Assembly elections, held in eight phases from March 27 to April 29, which resulted in a landslide victory for the incumbent TMC government.
According to the election watchdog Association for Democratic Reforms (ADR), the TMC incurred a total expenditure of ₹154.282 crore for those polls. This included ₹27.009 crore on publicity and ₹33.02 crore on travel expenses.
Who Are the Top Donors to TMC?
The contribution report for 2024-25 reveals a mix of corporate and individual donors, with electoral trusts based in Delhi and Mumbai leading the pack. The list also features a Bengal-based lottery distributor and several companies with manufacturing operations in the state.
Prudent Electoral Trust was the single largest contributor, donating ₹92 crore to the TMC. It was followed by Tiger Associates, which gave ₹50 crore. The Progressive Electoral Trust, whose main contributors are Tata Group companies, donated ₹10 crore.
Other significant corporate donors include:
- Shyam Ferro Alloys Ltd, a stainless steel manufacturer and exporter, contributed ₹3 crore.
- Kolkata-based Kejriwal Mining, involved in trading and mining, donated ₹3 crore.
- Super Smelters, an iron and steel manufacturer with a captive power plant in Asansol's Jamuria Industrial Estate, gave ₹2 crore.
The highest individual donor was Kishan Gopal Mohta, a finance professional, who contributed ₹3 crore to the party.
The Framework of Political Funding in India
All registered political parties in India are legally bound to submit annual audit and contribution reports to the ECI. This mandate, under the Representation of the People Act, 1951, and the Income Tax Act, 1961, aims to enforce transparency and accountability in political finance.
To incentivize donations, Indian tax laws provide a 100% tax rebate under Section 80GGB of the Income Tax Act for eligible political contributions made by companies. Individuals can also claim deductions under Section 80GGC. This mechanism effectively reduces the taxable income of the donor.
With West Bengal scheduled for crucial assembly elections in March-April 2026, the released data for 2024-25 offers a preview of the party's financial preparedness. The funding report for the election year, 2025-26, will be disclosed next year ahead of the polls, setting the stage for another high-stakes financial and political contest.
