Corporate funding continues to dominate political financing in India, with new data showing that business houses contributed the bulk of donations to 40 regional parties that declared their finances to the Election Commission.A new analysis by the Association for Democratic Reforms (ADR) shows that corporates contributed Rs 872.538 crore (62.36%) of the total donations received by these 40 regional parties, while individual donors contributed Rs 193.946 crore (13.86%), despite accounting for nearly 69% of the total number of donations.The report, prepared by the Association for Democratic Reforms (ADR), focuses on donations declared by regional political parties during the financial years 2023-24 and 2024-25, as submitted to the Election Commission of India (ECI).It analyses donations above Rs 20,000 declared by regional political parties to the ECI for the two financial years. The report presents a comparative assessment of the volume and value of contributions received, identifies the parties receiving the highest donations, examines the profile of major donors, and analyses donations by sector, mode of contribution, state-wise distribution and the availability of donor PAN details.The report focuses on donations received by 40 of India’s 67 regional political parties that declared their funds.MK Stalin-led DMK in Tamil Nadu declared the highest donations (above Rs 20,000), receiving Rs 365.784 crore from 467 donations in FY 2024-25.In FY 2023-24, the TDP had declared the highest amount of donations at Rs 100.1889 crore from 172 donations.The All India Trinamool Congress (AITC), led by former West Bengal Chief Minister Mamata Banerjee, declared the second-highest donations after the DMK at Rs 184.96 crore, followed by YSRCP at Rs 140 crore and TDP at Rs 83 crore.The other regional parties among the top 10 recipients of donations were AIADMK (Rs 66 crore), BJD (Rs 60 crore), JMM (Rs 33 crore), Janasena (Rs 25 crore), JD(U) (Rs 18 crore) and IUML (Rs 15 crore).Several parties witnessed a significant increase in donations between the two financial years. These include DMK, AITC, JMM, AIADMK, LJP (Ram Vilas), JD(U) and BJD, among others.Parties that recorded a decline in donations between FY 2024-25 and FY 2023-24 include BRS, TDP, Janasena Party, CPI, Jannayak Party, JD(S) and MNS.Overall, the number of donations above Rs 20,000 declared by regional political parties increased by 85%, rising from 2,861 donations in FY 2023-24 to 5,297 donations in FY 2024-25.The total value of declared donations also witnessed a three-fold increase, rising from Rs 347.693 crore in FY 2023-24 to Rs 1,051.556 crore in FY 2024-25, indicating a substantial increase in financial contributions received by regional parties.