DHAKA: A whopping Rs 30,000 crore is likely to be spent by the government, political parties and candidates in the upcoming Lok Sabha election, making it by far the most expensive electoral exercise in Indian history.

The projected expenditure to elect the 16th Lok Sabha is set to rival the $7 billion (approximately Rs 42,000 crore) spent by candidates and parties in the 2012 US presidential elections.

A study carried out by Centre for Media Studies on poll spending says that, ‘unaccounted for’ money pumped in by ‘crorepati’ candidates, corporates and contractors has pushed up the expenditure to elect 543 MPs.

Out of the estimated Rs 30,000 crore, the exchequer will spend Rs 7000 to Rs 8000 crore to hold the electoral exercise for the 16th Lok Sabha.

While the Election Commission is likely to spend around Rs 3,500 crore, the Union home ministry, Indian Railways, various other government agencies and state governments will spend a similar amount to put in place means to ensure free and fair polls.

‘The final figures will emerge after the poll process is on. Money will be debited to the EC account through book adjustments by various agencies,’ explained a senior government official, The Times of India reports.

BDST: 1500 HRS, MAR 16, 2014