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Financial crisis undermines Congress party's plans to dethrone PM Modi

By oneindia staff

Congress party is facing a financial crisis that could undermine its ability to wrest power from Prime Minister Narendra Modi's wealthy Bharatiya Janata Party in 2019, according to a report by Bloomberg.

Financial crisis undermines Congress partys plans to dethrone PM Modi

Quoting an anonymous source from the party, the report stated that for the Congress leadership has stopped sending the funds required to run its offices in various states for the past five months. The grand old party has urged members to step up contributions and asked officials to cut expenses to overcome the crisis.

Congress Party's social media department head Divya Spandana said, "We don't have money," unlike the BJP, her party is not getting much funding via electoral bonds -- a new method for the cash donation to political parties -- which may force Congress to opt for more online crowdsourcing to raise money.

According to this report, PM Modi's electoral wins left no space for the Congress Party. Rahul Gandhi-led Congress now controls just two big states, down from 15 in 2013.

"Big business has steadily migrated away from the Congress," Milan Vaishnav, a senior fellow for South Asia at the Carnegie Endowment for International Peace in Washington, D.C. told Bloomberg. "Headed into 2019, the BJP has a decisive fundraising advantage, not least because the Congress and other key regional parties are seen as less business-friendly," Milan Vaishnav added.

Financial crisis is one of the reasons for the party's poor show in Tripura, Nagaland and Meghalaya polls. The cash-crunch extend beyond travel to allowances for serving tea to guests at party offices.

The report stated that Congress spokesman Randeep Singh Surjewala declined to comment on the issue.

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