Politics Impact So Costly on Economy

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Politics Impact So Costly on Economy

by Tanushree Jaiswal Last Updated: Nov 22, 2023 - 05:10 pm 980 Views
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In recent times, elections have evolved into expensive endeavors, posing a significant threat to the democratic fabric of the nation. The spiraling costs of political campaigns not only strain the financial resources of political parties but also raise concerns about the potential repercussions on the economy. This article delves into the intricate relationship between the escalating costs of elections and their impact on the economic landscape.

The High Stakes of Political Investment:

When politicians invest substantial sums of money in election campaigns, the stakes are high. The expectation of recouping these investments and turning a substantial profit can lead to a variety of outcomes, including shifts in political loyalties. This practice, observed in the past and likely to persist in the future, underscores the financial motives that can influence political decisions.

Let’s look at the Case Studies of Amethi and Telangana:

A closer look at electoral dynamics in regions like Amethi and Telangana reveals the staggering amounts involved in political campaigns. In Amethi, a traditional stronghold of the Gandhi family, the shock defeat of Rahul Gandhi to Smriti Irani highlighted the intense competition that spurred politicians to spend exorbitant amounts, reaching up to Rs 1-2 crore per candidate in Assembly polls.

Telangana, gearing up for another round of elections, presents a similar narrative. The prevalence of lavish public meetings, with costs reaching millions for a single event, raises questions about the sustainability of such practices. The economic strain becomes particularly evident when considering the vast sums spent on transportation, attendance incentives, and other logistical aspects.

Changing Tactics: From Public Meetings to Road Shows:

Given the astronomical costs associated with organizing public meetings, some political parties are shifting their strategies towards more cost-effective alternatives like road shows and street corner meetings. While these may offer a reprieve in terms of expenses, the underlying issue persists—the financial burden of electioneering continues to rise.

Economic Ramifications:

The ever-increasing cost of elections poses a significant threat to the democratic process, particularly in a country like India where voters' maturity levels are still evolving. The common sentiment of indifference among voters, expressed as "What difference does it make to us?" underscores the disconnect between political decisions and their economic consequences.

The Cycle of Political Investments and Economic Impact:

When politicians incur substantial expenses to secure electoral victories, the onus falls on the taxpayers and the economy at large. The need for politicians to recoup their investments can lead to policies that prioritize personal gains over the broader economic welfare. Additionally, the propensity of politicians to switch allegiances for financial gains further disrupts the stability of governance.

The intersection of politics and economics in the context of election expenses is a critical aspect of contemporary democracies. As costs continue to rise, the potential for economic repercussions grows, necessitating a reevaluation of campaign finance regulations and a call for increased voter awareness. Only when voters become more responsible and demand accountability can the "money menace" in elections be mitigated, fostering a healthier and more sustainable democratic ecosystem.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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