Karnataka: Candidates explore fund sources as poll heat rises

From approaching financial investors, non-resident Indians (NRIs) to crowdfunding, aspiring candidates are tapping into all possible avenues to fund their election campaigns for the upcoming Karnataka Assembly polls.

While established politicians from major political parties have traditional means to back their campaigns, it is a challenge for smaller parties and newcomers.

For instance, the Karnataka Rashtra Samithi (KRS), which is contesting the polls for the first time, has collected close to Rs 1 crore in the last year through crowdfunding. In November last year, KRS started a “Mahaa Bhikshaa Yatre” to collect donations from citizens.

“Through the yatra, we were able to collect close to Rs 15 lakh. Raising funds from other means will create a system of corruption since the candidates will have to return the funds in the form of favours once they come to power. This should be discouraged. Through public funding, we can ensure that voters have complete control over the party,” said Ravi Krishna Reddy, president Of KRS.

Also read | Pandering to some with reservation opens Pandora’s box: Many groups in Karnataka wait for ST tag

One of the newbies in the Karnataka elections, the Aam Aadmi Party (AAP) is also looking at raising funds from the public.

“As an ideology, we do not want to depend on black money for our campaigns. Hence, we have asked all our candidates to hold simple campaigns and collect funds from the public. We are also hosting a few fundraising events and all the money raised is accountable,” said Ashok Mruthyunjaya, Bangalore vice president, AAP.

Apart from crowdfunding, with the NRI population increasing, many candidates are now seeking help from them.

Speaking to DH on condition of anonymity, an aspiring candidate from a constituency in South Bengaluru said
that those settled abroad
have the inclination to make a mark in their hometown and they could use that to their favour.

“There are many who have been living abroad for a long time. We can use their inclination towards politics and affiliation towards their hometown to help us. Over time, we can name something in their honour or promote their name by other means and it is a win-win deal for both of us,” the candidate said.

While candidates from mainstream parties also receive funds from the party, they cannot completely depend on it.

Another candidate hoping to contest from a major party said they had monetised funds by mortgaging their house to meet a few expenses.

A few also put their property on sale as early as 2021.

“I agreed to black money and hence got a good price and liquid cash on hand. This will help for now and I can plan to get back the property over time,” one of the candidates said.

The candidates who have been in the field for a while typically approach real estate giants, liquor barons and investors who are more than willing to give during this season.

“Election season is convenient for investors to convert their black money to white. Hence, they will be more than ready to invest. In fact, while selecting a candidate, many political parties also consider the candidate’s ability to raise funds,” said political analyst Sandeep Shastri.