Have elections in India become plutocratic?

As Tamil Nadu, Kerala, West Bengal, Assam and Puducherry head to the polls, India’s vibrant democracy is on full display once again. But behind the rallies and roadshows, there is a growing concern: elections are becoming increasingly expensive. With political parties spending heavily on campaigns, advertising, and outreach, the role of money in shaping electoral competition is under scrutiny.

Data shows that nearly 93% of India’s Members of Parliament are crorepatis, raising the question of whether access to political power is becoming more unequal. What does this mean for smaller parties and independent candidates? And what would it take to fix it? M.R. Madhavan and R. Rangarajan discuss the questions in a conversation moderated by V. Nivedita. Edited excerpts: