The Polis Project’s report, “Transnational Funding in Hindu Supremacist Movements: A Scoping Paper on the Role of Corporates in Illicit Political Finance”, offers a critical examination of the financial infrastructure sustaining Hindutva politics in India and beyond. It argues that the rapid expansion of Hindu nationalism under Narendra Modi has been made possible through opaque corporate donations, legislative loopholes, and transnational funding from Hindutva-aligned organisations. The report provides a detailed investigation into illicit financial flows, highlighting the role of corporate oligarchs, anonymous political contributions, and the global Hindu nationalist network in strengthening majoritarian politics.
According to the report, the Hindutva movement is not just an ideological or political force – it is also a financial powerhouse, sustained by billion-dollar contributions from India’s biggest industrialists and tax-exempt charities abroad. The BJP’s dominance in electoral fundraising, enabled by the now-invalidated electoral bonds scheme, has created an unequal playing field where corporate interests align directly with Hindu nationalist policies. The report also highlights how foreign-based Hindutva organisations, particularly in the United States, United Kingdom, Canada, and Australia, act as financial lifelines for Hindu nationalist initiatives in India. The impact of this financial nexus is most acutely felt by minorities, as Hindutva funding is channelled into anti-Muslim violence, casteist policies, and the displacement of Adivasi communities in favour of corporate-led land grabs.
By uncovering the economic machinery behind Hindu supremacism, the report raises serious concerns about the erosion of democratic institutions, unchecked corporate influence in politics, and the complicity of international actors in sustaining authoritarianism in India. It ultimately argues that corporate funding of Hindutva politics must be scrutinised, regulated, and held accountable at both domestic and international levels.
Chapter 1: The Hindutva-Corporate Nexus – PM Modi’s rise through illicit finance
The report traces the ideological and financial roots of Hindutva, beginning with Vinayak Damodar Savarkar’s 1923 book, “Hindutva: Who is a Hindu?”, which articulated the vision of India as a Hindu-only nation. This exclusionary ideology was institutionalised with the formation of the Rashtriya Swayamsevak Sangh (RSS) in 1925, which became the largest paramilitary organisation in India, operating through over 57,000 shakhas (branches) and millions of volunteers. The RSS, through its political wing, the Bharatiya Janata Party (BJP), has been instrumental in mainstreaming Hindu majoritarianism, undermining democratic institutions, and silencing dissent.
PM Narendra Modi’s rise to political prominence is deeply tied to this Hindutva network. However, his role in the 2002 Gujarat pogrom, which led to the mass killing of Muslims under his watch as Chief Minister, made him a global pariah, with countries like the United States and the United Kingdom imposing travel bans on him. To rebuild his image and prepare for his bid as Prime Minister, Modi aligned himself with India’s wealthiest business tycoons. The Vibrant Gujarat summit, a high-profile investment platform, was designed not only to attract corporate investments but also to rebrand Modi as a pro-business leader while maintaining his Hindu nationalist credentials. With backing from industrialists like Gautam Adani, Mukesh Ambani, and the Ruias, Modi was able to shift the focus from his Hindutva extremism to economic development, making him more palatable to international investors and political leaders.
Since taking office as Prime Minister in 2014, Modi has fostered an economic environment that benefits a select group of corporations while simultaneously weaponising state institutions against his critics. His tenure has been marked by mass privatisation of public assets, deregulation of industries, and the systematic weakening of oversight mechanisms to favour industrialists aligned with the BJP. The Adani Group, in particular, has seen an unprecedented expansion, securing billion-dollar loans from public banks and acquiring crucial infrastructure projects under questionable circumstances. Modi’s government has also introduced legislative changes to enable unchecked corporate donations, transforming India’s political finance system into a pay-to-play model where businesses fund the BJP in exchange for political and economic favours.
The report emphasises that this Hindutva-corporate nexus is not just a by-product of economic policy but a deliberate strategy to consolidate authoritarian rule. By securing financial dominance through corporate partnerships, Modi has ensured that opposition parties struggle to compete, media outlets remain subservient, and state institutions are co-opted to serve the interests of Hindu nationalism.
Chapter 2: Corporate Funding and Political Finance – The electoral bonds scam
One of the most critical aspects of illicit political financing exposed in the report is the Electoral Bonds Scheme, introduced in 2017 by the Modi government. This legally sanctioned mechanism allowed anonymous corporate donations to political parties, disproportionately benefiting the BJP. Between 2018 and 2023, a staggering ₹12,930 crore (USD 1.5 billion) was funnelled into BJP accounts through this opaque system. The scheme ensured that over 52% of total political donations flowed to the ruling party, reinforcing its financial stranglehold over Indian elections.
The report highlights that many of the largest contributors to the BJP through electoral bonds were corporations facing investigations by India’s enforcement agencies, raising serious concerns about quid pro quo arrangements. Companies that had been raided by tax authorities or subject to scrutiny by the Enforcement Directorate suddenly became major political donors, suggesting that political funding was being used as a tool of coercion and corporate appeasement.
In February 2024, the Supreme Court of India struck down the Electoral Bonds Scheme, declaring it unconstitutional. The court ruled that such a system allowed for an unfair financial advantage, subverted democratic processes, and created opportunities for corruption and undue influence. However, the damage had already been done—the BJP had already amassed billions, using this legalised loophole to build an unprecedented financial war chest.
While electoral bonds have been dismantled, the corporate-political nexus remains intact through alternative funding mechanisms. The Electoral Trusts system, which predates electoral bonds, continues to operate, allowing companies to donate to political parties with minimal transparency. The Prudent Electoral Trust, linked to the Bharti Group, has emerged as the biggest funder of the BJP, funnelling hundreds of crores into the party’s accounts. The report points out that several corporations donated to the BJP only after facing tax raids or regulatory scrutiny, reinforcing suspicions of state-sponsored extortion tactics.
Chapter 3: The Global Hindutva Ecosystem – Transnational funding and charities
The Hindutva movement is not just an Indian phenomenon; it is a global enterprise, deeply embedded in diaspora communities, international charitable organisations, and corporate networks that operate beyond India’s borders. The report highlights how millions of dollars flow into Hindu supremacist movements through tax-exempt charities and corporate entities based in the United States, the United Kingdom, Canada, and Australia. These funds, often collected under the pretext of cultural preservation, disaster relief, or religious activities, are redirected to political mobilisation, propaganda, and the expansion of Hindutva-aligned educational institutions. The transnational Hindutva network is highly organised, mirroring the structure of the RSS in India, and maintains a symbiotic relationship with the ruling BJP, influencing both Indian domestic policies and diaspora political engagement.
One of the primary vehicles for Hindutva financing abroad is the Hindu Swayamsevak Sangh (HSS), the international wing of the RSS. HSS branches operate in over 40 countries, with particularly strong footholds in the United States, the United Kingdom, and Canada. While HSS presents itself as a cultural and educational organisation, it has been directly linked to RSS ideology, Hindu nationalist rhetoric, and sectarian mobilisation. The report details how HSS-run events indoctrinate young Hindus with supremacist ideology, train them in paramilitary-style drills, and cultivate political loyalty towards the BJP and RSS. These activities serve a dual function: they strengthen the Hindu nationalist movement globally while also ensuring that diaspora communities remain politically and financially invested in the BJP’s dominance in India.
Another key player in the global Hindutva ecosystem is the Vishwa Hindu Parishad (VHP), an organisation with a long history of involvement in anti-Muslim violence, religious radicalisation, and caste-based discrimination. In India, the VHP is known for its direct role in organising anti-Muslim riots, spearheading the demolition of the Babri Masjid, and enforcing moral policing on Dalits and religious minorities. Internationally, however, VHP operates under a charitable façade, collecting donations to ostensibly fund humanitarian efforts and Hindu religious institutions. The report reveals that large portions of these funds are diverted to RSS-affiliated organisations in India, where they are used for sectarian political campaigns, legal battles against minority rights, and the expansion of Hindu nationalist propaganda networks.
Similarly, Sewa International, another RSS-affiliated organisation, has played a crucial role in financing Hindutva movements under the guise of humanitarian work. Originally founded to provide disaster relief, Sewa International has been implicated in funnelling millions of dollars into Hindutva causes, including funding organisations linked to anti-Muslim violence, casteist policies, and the erasure of Adivasi cultures. The report provides evidence that during times of crisis, such as the COVID-19 pandemic, Sewa International used relief funds to promote Hindutva political objectives, prioritising aid for Hindus while discriminating against Muslims and Dalits.
Another significant arm of the global Hindutva financial network is the Ekal Vidyalaya Foundation, which operates over 100,000 schools in India, largely in Adivasi and Dalit-majority areas. While these schools are ostensibly meant to improve literacy rates among tribal communities, the report exposes how they function as indoctrination centres, replacing indigenous traditions with Hindu nationalist teachings and discouraging conversions away from Hinduism. Funded primarily by US-based corporations and diaspora donors, these institutions are key to the RSS-BJP’s long-term strategy of cultural assimilation and religious conversion of India’s most marginalised groups.
The report also reveals that several multinational corporations and wealthy diaspora families are complicit in supporting these Hindutva-affiliated charities, using tax-exempt donations to funnel millions into right-wing Hindu nationalist causes. Companies such as Star Pipe Products (US), Park Square Homes (Canada), and The Shah Companies (UK) have all been linked to large financial contributions towards Hindutva charities, despite their claims of being non-political entities. The financial opacity of these transactions makes it difficult to track the full extent of corporate involvement, but the report establishes a clear pattern of corporate complicity in sustaining Hindu supremacism on a global scale.
Chapter 4: Hindutva and Minorities – The human cost of illicit funding
The Hindutva movement’s vast financial resources are not just used to secure electoral dominance; they have a direct and devastating impact on India’s most vulnerable communities. The report details how Hindutva funding is weaponised to marginalise, oppress, and brutalise religious minorities, Dalits, and Adivasis, both through state policies and vigilante violence. The consequences of this financial-political nexus are felt across multiple dimensions, from mob lynchings and economic boycotts to caste-based exclusion and large-scale land dispossession.
Muslims have been the primary targets of Hindutva violence, with political funding often being used to support hate speech, anti-Muslim pogroms, and discriminatory policies like the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC). The report documents how corporate-backed Hindutva groups play a role in funding misinformation campaigns that incite communal hatred, enabling the rise of violent Hindu extremist groups that carry out lynchings and attacks on Muslim communities. In many cases, these attacks are tactically timed to coincide with elections, ensuring that communal polarisation benefits the BJP electorally.
Dalits face systematic exclusion from political representation, economic opportunities, and social mobility, with RSS-aligned organisations actively lobbying against caste-based affirmative action in India and abroad. In countries like the United States, Hindutva-aligned groups have opposed anti-caste discrimination legislation, particularly in tech industries dominated by upper-caste Indian diaspora elites. The financial strength of these Hindutva organisations enables them to suppress discourse on caste oppression, ensuring that Dalit voices are marginalised both in India and internationally.
Adivasi communities have suffered some of the worst consequences of Hindutva-corporate collaboration, particularly in the form of land dispossession and environmental destruction. The report details how mining conglomerates like Adani and Vedanta have leveraged their ties to the BJP to forcibly displace Adivasis from their ancestral lands, often in direct violation of environmental and land rights laws. These companies, many of which are major contributors to electoral trusts and Hindutva-affiliated charities, have been granted exclusive access to forests, mineral-rich regions, and indigenous territories, leaving Adivasi communities vulnerable to cultural annihilation and economic exploitation.
Conclusion and recommendations
The report presents an urgent call for intervention to dismantle the Hindutva-finance nexus, arguing that the unchecked flow of corporate money into Hindu supremacist politics is one of the greatest threats to democracy in India today. It provides a multi-pronged set of recommendations aimed at increasing financial transparency, holding corporations accountable, and countering the global influence of Hindutva networks.
- Global scrutiny of Hindutva charities: Western governments and international financial watchdogs must investigate tax-exempt organisations linked to Hindutva financing. Countries like the US, UK, Canada, and Australia must review the financial records of organisations like HSS, VHP, Sewa International, and Ekal Vidyalaya to ensure that their funds are not being used to fuel sectarian violence in India.
- Stricter regulations on corporate donations: India’s political finance laws must be reformed to prevent the kind of unchecked corporate funding that was enabled by electoral bonds. Companies that make political donations should be required to disclose their contributions publicly, and foreign investments into Indian political parties must be subject to greater scrutiny.
- Legal action against Hindutva-linked violence: Governments and international human rights bodies must hold Hindutva groups accountable for their role in human rights abuses. Companies found funding hate speech or violence should face legal consequences, including restrictions on their operations.
- Strengthening caste and minority protections: Stronger legal protections for Dalits, Muslims, and Adivasis must be enacted, both within India and in the diaspora. Efforts to suppress caste-based anti-discrimination laws abroad must be actively resisted.
The complete report may be accessed below:
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