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India to spend US$14 billion for elections 2024
The amount is almost the same as what was spent on the 2020 US presidential and congressional elections, and it is twice as much as what India spent on its last basic election in 2019
Amitendu Palit estimated the expenses of the upcoming elections to be around US$14.4 billion / Institute of South Asian Studies
India, the world’s largest democracy, will approximately spend US$14.4 billion during its 2024 general elections, which will see approximately 900 million registered voters casting their ballots.
“The estimated spending is as much as the economic size of Congo and larger than those of Malawi, Mauritius and Rwanda,” Amitendu Palit, a senior research fellow and research lead (Trade and Economics) at the Institute of South Asian Studies (ISAS), National University of Singapore, wrote in his blog.
Palit’s recent article analysed the impact of the Indian 2024 general assembly elections on India’s economic trajectory. He delved into the important role of the Indian general assembly elections in shaping the country’s economic future especially as it is on track to become the fastest growing economy and the world’s third-largest economy.
“A major impact of the election results on the Indian economy will be from the economic policies of the new government. Rising to the rank of the third largest economy will require India to pursue some outstanding economic reforms,’ he wrote.
Palit stressed the need for economic policies that propelled India towards its US$5 trillion economy goal, these included revitalizing the banking sector through privatization, implementing uniform labour standards nationwide, and expediting free trade agreement negotiations.
According to him, the new government will need to act fast to deliver on pending reforms amidst challenges ranging from job creation for the growing youth population to navigating the post COVID-19 pandemic economy.
Palit concluded by saying that the next few years would be the decisive years for India’s economic trajectory. Policy reforms stood in the centre of need for change.
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