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The Institute of Chartered Accountants of India (ICAI), the apex body for Chartered Accountants in the country, will conduct a comprehensive assessment of the financial implications of the proposed 'One Nation, One Election' (ONOE) reform. The move is expected to aid the 39-member Joint Parliamentary Committee currently examining the bills introduced to implement the ONOE initiative. The assessment aims to provide expert financial insights into the feasibility and fiscal consequences of holding
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FAQ :
The Institute of Chartered Accountants of India (ICAI) is assessing the financial implications of the proposed 'One Nation, One Election' (ONOE) reform.
The report will be submitted to the 39-member Joint Parliamentary Committee that is currently examining the bills to implement the ONOE initiative.
The assessment aims to provide expert financial insights into the feasibility and fiscal consequences of holding simultaneous elections for the Lok Sabha, State Assemblies, and local bodies.
The 'One Nation, One Election' concept advocates for holding synchronized elections for the Lok Sabha, State Assemblies, and local bodies simultaneously.
A high-level committee chaired by former President Ram Nath Kovind submitted recommendations for the ONOE concept in March 2024.
The ONOE proposal has been suggested to potentially lead to higher economic growth, reduced inflation, improved investment levels, and enhanced quality of government expenditure.
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