Lok Sabha Elections 2024: Bihar’s Political Landscape Set to Witness a Spending Spree
In the upcoming Lok Sabha Elections 2024, Bihar is poised to become the epicenter of political expenditure, with potential ramifications for the state’s economy. It is estimated that each Lok Sabha constituency in Bihar will witness expenditures of around 200 crore rupees this time around. With approximately 7.64 crore voters in the state, the total expenditure could reach a staggering 8,000 crore rupees. This translates to roughly 1,047 rupees per voter, which could be expended by political parties and candidates.
The Election Commission has increased the maximum spending limit for candidates in the 2024 Lok Sabha Elections from 70 lakhs to 95 lakhs. However, actual expenditures often exceed these limits substantially. The set limit for candidate expenditure this election is approximately 26% higher than that of the 2019 Lok Sabha Elections. According to a report by the Center for Media Studies (CMS), in the 2019 elections, an average of over 100 crore rupees was spent per Lok Sabha constituency nationwide.
Furthermore, it is projected that the total expenditure in the 2024 elections could exceed 1.20 lakh crore rupees nationwide, with Bihar alone accounting for approximately 8,000 crore rupees. This significant spending is expected to impact not only the state’s economy but also revenue collection.
During elections, businesses such as transporters, petrol-diesel pump owners, vendors of food and beverages, hotels and restaurants, printing presses, and communication providers experience a surge in demand. This expenditure injects liquidity into the market, leading to increased government revenue through GST and VAT collections.
In the previous elections, the Bharatiya Janata Party (BJP) was the highest spender, followed by the Congress party. The increased spending this election cycle, compared to previous ones, indicates a rise in electoral costs, with expenses becoming approximately 38% higher than those in 2019.
It is essential to note the following comparative expenditure limits for Lok Sabha elections:
– 2024: 95 lakhs
– 2019: 70 lakhs
– 2014: 70 lakhs
– 2009:25 lakhs
– 2004: 25 lakhs
The significant increase in electoral spending underscores the need for transparency and accountability in campaign financing. It also highlights the growing financial strain on political parties and candidates in the electoral process.
