ONOE Deliberations: Stakeholders Weigh Economic Impacts and Feasibility

The Joint Committee on the Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, along with the Union Territories Laws (Amendment) Bill, 2024, recently conducted extensive consultations in Maharashtra. Key stakeholders, including state officials and political party representatives, engaged in robust discussions on the feasibility and consequences of the One Nation One Election (ONOE) initiative.

In separate sessions, the committee also met with officials from the Reserve Bank of India (RBI) to explore the monetary policy implications. Discussions revealed concerns over economic uncertainties and policy formulation challenges due to frequent electoral cycles, prompting plans for a comprehensive study by RBI officials.

Furthermore, representatives from leading financial institutions, such as the State Bank of India and NABARD, discussed the relevance of ONOE on the banking sector and credit culture. The Indian Banks' Association will oversee a holistic analysis to be integrated into the committee's eventual report, which aims to guide India's electoral reform trajectory.

(With inputs from agencies.)