Mumbai (Maharashtra) [India], May 17 : The Joint Committee on the Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, and the Union Territories Laws (Amendment) Bill, 2024, conducted extensive consultations with key stakeholders in Maharashtra regarding the feasibility and implications of One Nation One election (ONOE), according to an official statement.
The Committee held in-depth discussions with officials from the Maharashtra State Government, senior state bureaucrats, and representatives of national and regional political parties. The deliberations focused on the potential administrative and economic impact of holding simultaneous elections. Senior state officials assured the Committee that a thorough study would be undertaken to assess the broader outcomes, particularly in sectors such as education, the statement said.
During the visit, the Committee also met with representatives of political parties in Maharashtra, including Prithviraj Chavan, former Chief Minister of the state. Party representatives shared their views on constitutional, logistical, and related challenges associated with simultaneous elections.
The statement added that in a separate session, the Committee interacted with officials from the Reserve Bank of India (RBI) to understand the implications of unsynchronised elections on monetary policy. RBI officials informed the Committee that a comprehensive study would be conducted to evaluate the effects of simultaneous elections on policy formulation and economic uncertainty caused by frequent electoral cycles.
The Committee also engaged with representatives from major financial institutions, including the State Bank of India, Central Bank of India, Bank of India, Union Bank of India, Life Insurance Corporation (LIC), General Insurance Corporation (GIC), and NABARD. The discussions centred on the potential impact of simultaneous elections on the country's banking sector and credit culture. These institutions assured the Committee that, under the aegis of the Indian Banks' Association, a holistic study would be initiated and its findings submitted to the Committee.
The Joint Committee aims to incorporate these insights into its report, guiding the way forward on the complex issue of electoral reforms and the feasibility of simultaneous elections in India, the statement added.