Corporate donations through electoral trusts have surged in the first financial year after the Supreme Court struck down the government’s anonymous funding scheme via electoral bonds, with the ruling Bharatiya Janata Party (BJP) emerging as the dominant beneficiary.
In 2024-25, nine electoral trusts contributed a total of Rs 3,811 crore to political parties.
Of this, the BJP received Rs 3,112 crore, or 82% of the total. The Congress received Rs 299 crore, while all other parties combined got Rs 400 crore, according to reports submitted to the Election Commission of India (ECI).
The 2024-25 fiscal year saw donations via electoral trusts more than triple compared to the previous year, which recorded Rs 1,218 crore. By December 20, 2025, 13 of the 19 registered trusts had submitted reports, with nine making substantial contributions.
Four trusts, Janhit, Paribartan, Jaihind, and Jaybharath, reported zero donations.
Before the abolition of electoral bonds in February 2024, the BJP had received Rs 3,967 crore in voluntary contributions, including Rs 1,686 crore through bonds and Rs 856 crore via trusts. Following the scrapping of bonds, corporate donors seeking partial anonymity increasingly channelled funds through electoral trusts, maintaining the BJP’s position as the largest recipient.
Leading trusts and corporate contributors
>> Prudent Electoral Trust topped the list, distributing Rs 2,668 crore among 15 parties. BJP received Rs 2,180.7 crore, while Congress got Rs 216.3 crore. Trinamool Congress and YSR Congress received Rs 92 crore and Rs 88 crore, respectively.
>> Progressive Electoral Trust, linked to the Tata Group, donated Rs 914.97 crore, with 80.8% (Rs 757.6 crore) going to the BJP. Congress received Rs 77.3 crore, and eight other parties shared Rs 10 crore. Contributors included Tata Sons, TCS, Tata Motors, Tata Steel, and Tata Power.
>> New Democratic Electoral Trust (backed by Mahindra Group) gave Rs 150 crore to BJP, with Rs 5 crore each going to Congress and Shiv Sena (UBT).
>> Harmony Electoral Trust contributed Rs 30.15 crore to the BJP, funded mainly by Bharat Forge, Saarloha Advanced Materials, and Kalyani Steel.
>> Triumph Electoral Trust donated Rs 21 crore to the BJP, largely sourced from CG Power.
Smaller trusts such as Jan Pragati, Jankalyan, Samaj, and Einzigartig also channelled most of their funds to the BJP.
Meanwhile, the Congress received Rs 313 crore through trusts, a significant drop from the Rs 828 crore it collected via electoral bonds in 2023-24. Mamata Banerjee-led Trinamool Congress (TMC) also saw a sharp fall, receiving Rs 184.5 crore, compared with Rs 612 crore via bonds in the previous year.
Regional parties too saw similar declines, BJD’s funding plunged to Rs 60 crore from Rs 245.5 crore, while BRS’ contributions dropped to Rs 15 crore from Rs 85 crore.
Electoral trusts offer a way for corporates and individuals to donate with partial anonymity, unlike direct contributions that require full disclosure. With the abolition of electoral bonds, trusts have become the preferred channel for corporate funding, particularly benefiting parties in power.
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