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 simultaneous elections for the Lok Sabha, State Assemblies and local bodies. ICAI President Charanjot Singh Nanda confirmed that the report, once prepared, will be submitted to the Parliamentary panel to support informed decision-making.
The ONOE concept received significant traction after a high-level committee chaired by former President Ram Nath Kovind submitted its recommendations in March 2024, advocating synchronized elections to reduce administrative and financial burdens. Acting on the report, the government introduced two bills in December last year to lay the legal groundwork for the reform. These are now under scrutiny by the Joint Parliamentary Committee led by BJP MP P P Chaudhary.
The ICAI, with over 4.5 lakh members, plays a pivotal role in advising the government on financial legislation, compliance, and tax collection. Its involvement in assessing the ONOE proposal adds crucial economic depth to the ongoing legislative review.
According to the Kovind panel, implementing ONOE could lead to a transformational shift in India's electoral and governance systems. The report cited findings from a research paper suggesting that synchronized elections could result in higher economic growth, reduced inflation, improved investment levels, and enhanced quality of government expenditure.
The ICAI's analysis is likely to explore these potential macroeconomic benefits in detail, offering the Parliamentary panel a data-backed perspective on how ONOE could impact the nation's finances in the long term.
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