- Monday, April 29, 2024
Since the introduction of electoral bonds, companies operating in India’s energy sector have collectively contributed over £346 million to the country’s political parties.
By: Shubham Ghosh
BE IT the burgeoning sectors of India’s energy industry or the established ones, which continue to underpin the nation’s energy framework, everyone bears a cost. Since the introduction of electoral bonds, companies operating in India’s energy sector have collectively contributed over Rs 3,600 crore (£346 million) to the country’s political parties. Their share together represents nearly 30 per cent of the total donations facilitated through electoral bonds, The Reporters’ Collective reported.
Businesses within the energy sector, whether they belong to the emerging domains or the traditional ones, have frequently encountered political obstacles and delays in obtaining clearances. While India’s past government era of licensing drew significant criticism, these donations suggest that the license regime still prevails, albeit in a different guise.
Manshi Asher, an environmental researcher and activist, told The Reporters’ Collective, “That laws and regulations are compromised, bent or rewritten in the name of ‘development’ was always known but now with the electoral bond story the links of why certain kinds of mega infra projects have been pushed and the policies eased for them is in our faces. It shatters the myth of ‘sabka saath’ (inclusive of all).”
These companies engage in a wide array of projects spanning various sectors, including mining, coal, gas, thermal power, solar and wind power, hydropower, transmission lines, electric mobility, and smart meters.
Indian prime minister Narendra Modi often uses the ‘sabka saath’ term with ‘sabka vikas’ to imply universal development.
Read: India electoral bonds data released: From Lakshmi Mittal, Vedanta to lesser entities among buyers
The list of firms contributing to political parties encompasses nearly 100 companies and some of them are prominent players in India’s energy sector such as Vedanta, Aditya Birla Group, RP Sanjiv Goenka Group, Rungta Sons Private Limited, Torrent Power, Jindal Steel and Power Limited, ReNew Power Group, Greenko Group, Mytrah Energy (India) Private Limited, Genus Power Infrastructures Limited, among others.
The companies also include Telangana-based industrial conglomerate Megha Engineering and Infrastructures Limited (MEIL), which has emerged as the second-biggest donor of the political parties.
Besides, contributions were also made by companies involved in green energy business such as solar power, wind power and electric buses.
However, out of the total Rs 3,600 crore contributed by the energy firms, companies primarily focused on renewable energy contributed only around Rs 230 crore (£22 million).
Streamlining environmental and forest clearances has posed a significant challenge for the energy sector, frequently impeding their endeavours to establish mining units, power plants, as well as solar, wind, and hydro projects. The industry has consistently attributed project delays to these clearance bottlenecks, which in turn hinder the nation’s growth trajectory.
