(MENAFN) In a recent interview with news agency ANI, Indian Prime Minister Narendra Modi addressed the Supreme Court's ruling on the electoral bonds scheme, claiming that his government's initiative had been pivotal in bringing transparency to political funding. However, he also acknowledged its shortcomings, admitting that there was room for improvement. Modi asserted that the concept behind the scheme stemmed from a genuine desire to combat corruption in Indian politics, yet he expressed regret over the unintended consequences that have led the nation towards the shadows of black money.
The electoral bonds scheme, introduced by Modi's administration, was hailed as a means to revolutionize political funding by providing traceability. Nevertheless, the Supreme Court's decision deeming it unconstitutional has sparked a debate on its efficacy and implications.
Modi defended the initiative, emphasizing that while it was not without flaws, it was a step towards addressing the pervasive issue of corruption in India's political landscape.
Despite Modi's defense, critics, including Congress party leader Rahul Gandhi, have vehemently opposed the electoral bonds scheme, labeling it as "the biggest extortion scheme in the world."
Gandhi accused Modi of being the mastermind behind this controversial system, raising concerns about its potential to exacerbate corruption rather than curb it. With India's parliamentary elections looming, the discourse surrounding the electoral bonds scheme has intensified, shaping the political narrative and influencing public opinion.
One of the key points of contention surrounding the scheme is the limited scrutiny it offers.
Modi highlighted that out of the thousands of companies that participated, only a fraction underwent investigation by law enforcement agencies. Furthermore, he pointed out that a significant portion of the funds from electoral bonds went to opposition parties, challenging the narrative that the scheme exclusively benefited the ruling party.
As the debate rages on, the future of political funding in India hangs in the balance. While Modi remains steadfast in his defense of the electoral bonds scheme, critics continue to question its integrity and effectiveness. The Supreme Court's ruling has ignited a crucial conversation about the intersection of transparency, accountability, and corruption in Indian politics, underscoring the need for comprehensive reforms that uphold democratic principles and safeguard against malpractice.
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