CII roots for industry-wide election fund
Apex industry chamber CII plans to set up an industry-wide election fund, managed by an independent trust which would disburse election funds contributed voluntarily by companies.
By Deepshikha Monga, TNN |
NEW DELHI: Election-time funding of political parties by companies is set to become more transparent. Apex industry chamber CII plans to set up an industry-wide election fund, managed by an independent trust which would disburse election funds contributed voluntarily by companies.
The fund would be part of the chamber’s Integrity India campaign that aims to counter corruption and ensure greater transparency in socio-economic issues.
“There is always political pressure on industry to fund parties’ election bids. In the past, we have asked members to make contributions through cheques to make the process transparent. We now plan to take it further with the setting up of an industry-wide fund to which companies will contribute voluntarily,” said N Srinivasan, adviser to the CII president.
The proposed fund would be administered by a trust, much like the Tatas’ Electoral Trust that disburses funds, collected through voluntary contribution by Tata companies, to various political parties. There have been preliminary discussions on the fund both among CII member companies and with political parties. Mr Srinivasan admits the idea has received a mixed response.
“In the next few months, we would have more clarity on the fund and the mechanism of disbursing funds,” he said.
The Integrity India campaign was launched eight months ago and is chaired by Infosys chief mentor NR Narayana Murthy.
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Under the campaign, CII has held sessions for youth addressed by successful people on how to become agents of change without compromising on ethics. The campaign also includes creating awareness about using the Right to Information Act effectively and responsibly.
CII is also working with states, districts and municipalities on deploying e-governance in an extensive and citizen-friendly manner. The chamber has held sessions featuring successful e-governance models at various levels. It is also talking to the finance ministry to set up a cell to address the genuine issues of harassment faced by small and medium entrepreneurs with regard to tax issues.
“Corruption has a negative impact on economic growth. Studies have shown that a country’s GDP growth slows down by 1-2% over a period of time due to corruption. Moreover, a country which is considered transparent and easy-to-do-business-in also attracts more investments,” Mr Srinivasan said.
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