Free Press Journal

Is the once cash-rich Congress party facing a financial crisis?


After facing humiliating loss in most of the states in the country, the crisis for the Grand old Congress Party doesn’t seem to get over. Now, a report has come up which suggests that Congress is facing a financial crisis. Really? One of the richest political party is facing a cash crunch, which might sound absurd and might even give a reason to some of its members to quit and go to BJP. And, this might have been the very reason why most of MLAs and MPs have migrated to BJP.

Well, according to a report recently published by Bloomberg, the Congress party has been drastically cutting down on expenses since the last five months, almost the time since Rahul Gandhi took over the party’s top post. Congress has also urged its members to step up contributions and asked officials to cut expenses.

Well, now we all know why all the election rallies have been less swanky as compared to its earlier years. Divya Spandana, head of Congress party’s social media department told Bloomberg, “We don’t have money.” Compared to the BJP, the Congress isn’t raising the same amount of funds via electoral bonds.

Well, even Congress senior leader and MP Shashi Tharoor has acknowledged the fact the grand old party is facing cash-crunch and advised the party to not be embarrassed. He wrote on Twitter, “I don’t think we need to be embarrassed about acknowledging that @incIndia is facing a funding crunch. We should call on all concerned citizens to help us face the moneybags of the BJP.”

The report further suggests the Congress is facing cash-crunch after the BJP and its allies have been successful in ousting the grand-old party in 20 states, and now industrialists and big companies who earlier use to contribute to the party’s wallet have now stopped. The report also suggests that this can undermine Congress’ ability to undermine its ability to wrest power from Prime Minister Narendra Modi’s wealthy Bharatiya Janata Party in 2019.

Tharoor has suggested in a subtle way that Congress now needs donations from people to run the party. Will people trust Congress, the party that has been accused of so many scams? Well, only time will tell. According to reports, the Congress party has already started experimenting crowdfunding. In the recent Karnataka elections, they sought donations for one of its candidates and were successful in bagging Rs 11 lakh in four days. The Aam Aadmi Party (AAP) has been crowdfunding since its day of establishment. The Congress now has to take lessons from the friend-turned-foe for crowdfunding.

It’s still hard to believe that Congress is facing cash-crunch with the 2019 general elections fast coming, it’s evident that the party is going to face a tough time collecting funds when most of the funds are now moving towards Amit Shah led-BJP. Nonetheless, it’s true that the ‘grand old party’ has lost its charm.