The offer to run in the Lok Sabha elections made by BJP President JP Nadda was turned down by Union Minister Nirmala Sitharaman. Are you curious why? The finance minister of the nation, Nirmala Sitharaman, claims she lacks “that kind” of funding to contest elections.
Examining The Expense Of Running For Office
If a union minister, who also happens to be the finance portfolio holder, lacks the financial resources to run for office, what further financial requirements does a candidate in an Indian assembly or Lok Sabha election need to meet? Let’s examine this:
The expense of running for office is based on the candidate’s income. Nonetheless, the Election Commission of India has a spending cap. A candidate may spend up to ₹75 lakh in smaller seats and no more than ₹95 lakh in larger, more populous constituencies in order to compete for a Lok Sabha seat. Assembly constituencies have a cap of ₹40 lakh for larger seats and ₹20 lakh for smaller seats with fewer voters.
However, in practice, this spending cap is rarely followed. In addition to campaigning costs, politicians have been known to spend money on giveaways to draw in voters.
Nirmala Sitharam And Her 2016 Net Worth
Nirmala Sitharaman, the minister of finance, has never run in the intensely contested Lok Sabha elections. She is a member of the Rajya Sabha, which naturally eliminates the need for such interpersonal connections and political tactics.
When she ran for the Rajya Sabha in 2016, she disclosed in her affidavit that her net worth was approximately ₹ 2.5 crore.
The Election And Money Duo
As of now, Ashok Kumar, the AIADMK contender for the Erode seat in the forthcoming Lok Sabha elections, has reported assets worth over ₹583 crore, making him the richest candidate. More candidates will submit nominations for the seven-phase Lok Sabha elections in 2024, which get underway on April 19.
It is obvious that money and elections go hand in hand. It is easier for you to fight elections if you are wealthy. But keep in mind that wealth is not a guarantee of electoral success. In previous elections, a few of the wealthiest candidates forfeited their deposits.
Six of the top 10 wealthiest candidates in the 2019 Lok Sabha elections were affiliated with the Congress party. The wealthiest candidate was Ramesh Kumar Sharma, an independent running from Patliputra, Bihar. Sharma disclosed assets valued at more than ₹1,107 crore.
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