ICAI to Evaluate Financial Impact of 'One Nation One Election'

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The Institute of Chartered Accountants of India has announced its plan to assess the financial implications of the proposed 'One Nation One Election' reform. This evaluation will assist the Parliamentary panel currently reviewing the draft bills that aim to establish a legal framework for simultaneous Lok Sabha, Assembly, and local body elections.

The initiative, recommended by a high-level committee chaired by former President Ram Nath Kovind, is expected to bring fundamental changes to India's electoral process. The Kovind panel's report highlights potential benefits such as optimized resource allocation, improved governance, and increased voter participation.

Financial Considerations

- ICAI will submit a detailed report to the Parliamentary panel, outlining the economic impact of synchronizing elections
- The assessment will examine cost savings, efficiency improvements, and macroeconomic effects of harmonized electoral cycles
- Research suggests that synchronized elections could lead to higher economic growth, lower inflation, and increased investments
- The ICAI, with over 4.50 lakh members, plays a crucial role in advising on financial legislation and tax collection strategies

Policy and Governance Implications

The government introduced two bills in December 2024 to facilitate the transition to a unified election system. A 39-member Joint Parliamentary Committee, led by BJP member P P Chaudhary, is currently reviewing these proposals. The ICAI's findings will provide valuable insights into the financial feasibility of the reform, helping policymakers make informed decisions.

Sources: Economic Times, Moneycontrol, MSN News, Rediff Money, Devdiscourse, Outlook India.