‘Quid pro quo’: How Indian firms fund parties whose governments help them

When India’s top court banned a controversial scheme in February 2024 that allowed individuals and corporates to make anonymous donations to political parties through opaque electoral bonds, many transparency activists hailed the judgement as a win for democracy.

Between 2018, when Prime Minister Narendra Modi’s government introduced the electoral bonds, and when they were scrapped in 2024, secr...