India’s tycoons playing pivotal role in election: Report, Latest World News - The New Paper

India’s tycoons playing pivotal role in election: Report

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MUMBAI: India's tycoons are playing a pivotal role in the Asian giant's most expensive election ever, from funding campaigns and tacit endorsements to being hot-button issues themselves.

Prime Minister Narendra Modi's re-election bid has received huge financial backing from corporate India, raising fears about the integrity of the world's largest democratic process, experts say.

Meanwhile, Congress party opponent Rahul Gandhi is trying to exploit a fighter jet deal involving industrialist Anil Ambani while fugitive tycoons Vijay Mallya and Nirav Modi loom over the vote from London.

Polls are getting costlier and analysts say parties are becoming more reliant on donations from anonymous businessmen, leading to a lack of transparency and conflicts of interest.

"There is a trend towards plutocracy," Mr Niranjan Sahoo of the Observer Research Foundation think-tank said.

"Unbridled corporate influence can have a serious impact on policies."

The New Delhi-based Centre for Media Studies estimates that US$5 billion (S$7 billion) was spent during the 2014 election - up from US$2 billion in 2009. The group thinks the 2019 General Election could top US$7 billion, making it one of the priciest elections globally. - AFP