ICAI to evaluate One Nation One Election’s financial aspects

The Apex Body of Chartered Accountants, ICAI, will assess the financial aspects of the proposed ‘One Nation One Election’ reform that will help the Parliamentary panel, which is currently examining the relevant bills, to better understand the financial implications. The former President Ram Nath Kovind, while chairing a high-level committee, came out with its report in March 2024, recommending holding the Lok Sabha, Assembly and local bodies’ polls together.

Afterwards, in December last year, the government introduced two bills in the Lok Sabha, outlining a legal framework to simultaneously hold Parliamentary and Assembly polls.

Led by a BJP member, PP Chaudhary, a 39-member Joint Parliamentary Committee is currently examining the draft bills, as per the basis recommended by the Kovind Panel.

The Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda told PTI that the institution will assess various financial aspects of the ONOE reform.

A report of the assessment will be submitted to the Parliament panel.

With over 4.50 lakh members, the institute is a leading body that helps provide inputs on various financial legislations and the government’s effort made towards tax collection.

According to the Kovind panel, simultaneous elections will bring fundamental transformation in the electoral process and overall governance and also result in the optimization of scarce resources and also encourage voters to participate in the electoral process in a larger number.

Further, the report consists, “The findings in the paper suggest relatively higher economic growth, lower inflation, higher investments and improved quality of expenditure following periods of synchronised elections, as compared to those that were not synchronised.”

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