Prime Minister Narendra Modi’s Bharatiya Janata Party kept the top spot as India’s richest political organization, with its assets more than double the combined wealth of next four parties, giving it a huge advantage as five states head to the polls next month.

The BJP had assets, including cash, investments, movable and immovable properties and vehicles worth 48.47 billion rupees ($646 million) in the financial year ended March 2020, according to a report by the Association for Democratic Reforms, which cited the latest data from the Election Commission of India.

The total assets of the next four political parties, which includes the main opposition Congress Party, trailed the BJP in terms of wealth with just over 21 billion rupees.

The Congress party had 5.88 billion rupees. The Bahujan Samaj Party, which represents India’s most marginalized caste groups and is prominent in northern Uttar Pradesh, had 6.98 billion rupees in declared assets. 

Extreme Inequality

BJP is India's richest party with assets worth 48.5 billion rupees

India’s ruling party’s wealth grew 1.6 times from the preceding financial year, while the Congress party’s assets declined during this period. Of the BJP’s total income in the financial year that ended in 2020, some 34.27 billion rupees were donations and contributions, ADR said in a separate report in August.

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The significant financial lead will be an advantage for Modi’s party as India goes into five state assembly elections starting Feb. 10. Votes will be counted on March 10. This includes Uttar Pradesh, the country most populous province and an indicator of both national mood and the prime minister’s popularity leading up to national elections in 2024.

The regional party that is the BJP’s main rival in Uttar Pradesh, Samajwadi Party, had 5.63 billion rupees, in cash and assets, according to the report.  

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