Hyderabad: The YSRCP led by Andhra Pradesh Chief Minister Y.S Jagan Mohan Reddy, that came to power in 2019, has spent Rs. 89.49 crore between 2019 and 2020 towards election expenditure. Meanwhile, the party's total expenditure including its liabilities and income tax amounted to Rs. 131.12 crore, respectively.
NewsMeter sourced the annual audit reports for the year 2019-20, submitted by the party to the Election Commission of India. The break-up of the party's election expenses revealed that Rs. 36.35 crore was spent in 2020 and Rs. 53.13 crore in 2019. It is pertinent to note that the state saw both legislature and Lok Sabha elections in 2019.
Out of the total election expenditure for 2019-20, Rs. 41.49 crore was spent on 'management consultancy service' (referring to public relations campaigns). It should be recalled that the YSRCP chief YS Jagan Mohan Reddy had hired political strategist Prashanth Kishore's company IPAC to design the defeat of the Opposition party in 2019. The party had secured a landslide victory and come to power for the first time since its inception, the history is known to all.
Snippets from the expenditure report for two years showed that over Rs. 92.66 lakhs was spent on party flags, kanduvas, and buntings. While a few lakhs on party workers, tarvel and more.
How much did YSRCP receive from its sources?
YSRCP categories its income from two sources, donations and 'others'. For the financial year 2019-20, YSCRP received Rs. 42 crore from non-corporate entities (which includes individuals) while corporates poured in Rs. 21.54 crore. Meanwhile, electoral trust, primarily Prudent Trust, donated Rs. 27 crore in the election year 2019. This is the highest contribution the party received from trust since its birth.
Data indicates that YSRCP's major financial boost came from electoral bonds. A whopping Rs. 99.84 crore bonds were raised for YSRCP in 2019 and Rs. 74.35 crore in 2020. The details of donors via bonds remain concealed.
The YSRCP reserves majority of its fixed deposit funds in Axis Bank and the bank balance as of 31 March 2020 stood at Rs. 142.24 crore.
YSRCP receives Rs 100.504 Cr donation from 'undisclosed channel' in 2018-19
The party received Rs 100.504 Crore donation from 'undisclosed channel' in 2018-19, revealed an analysis of funding sources. This means the party has concealed the details of donors. In a revelation of sorts, 23 regional parties received a whopping Rs 481.276 Crore from 'unknown sources' in 2019.
Out of the 23, YSRCP scores silver for receiving the second-highest funding from an undisclosed source, while BJD bagged gold with Rs 213.543 Crore. Association for Democratic Reforms (ADR), an election watch body studied the income tax returns and donation statement of regional parties for the financial year 2018-19.
Cutting across all parties, it was found that a substantial amount of funds could not be traced and are from 'unknown' sources'. In total, YSRCP received a whopping Rs 181 crore in form of donations, electoral bond, and trust for the financial year ending 31st March 2019. The contributions saw a jump by 11 times against the Rs 14.23 crore received in the previous year.