The Joint Committee on the Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, and the Union Territories Laws (Amendment) Bill, 2024, has conducted extensive consultations with key stakeholders in Maharashtra regarding the feasibility and implications of simultaneous elections.

Addressing a press conference here Saturday, JPC members PP Chaudhary, Dharmendra Yadav (Lok Sabha) and Rajya Sabha MP Ghanshyam Tiwari said the discussions with government officials centred on potential administrative and economic implications of simultaneous elections.

The committee held discussions with representatives of various political parties in the state, including former chief minister and senior Congress leader Prithviraj Chavan, on the constitutional and logical aspects of simultaneous elections, they said.

Discussions were also held with  state government officials, senior state bureaucrats on the 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 Committee also met with officials from the Reserve Bank of India (RBI) to understand the implications of unsynchronized 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.

Discussions were also held 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 JPC has been formed to review the Constitution Amendment Bill on ‘One Nation, One Election’ which seeks to synchronise polls to the Lok Sabha and state assemblies to streamline the electoral process. 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.