A clutch of legal amendments the Narendra Modi government has introduced to allow corporate political donors to mask their contributions drags the world's largest democracy against global currents of rising transparency in electoral funding, analysts and activists have warned.

From Brazil to Bangladesh, and Croatia to Cyprus, countries of diverse sizes and varied histories with democracy have over the past decade adopted laws and rules aimed at making the disclosure of all political funding mandatory.

In more established democracies like the US, transparency of political funding has emerged as a key focus of election debates, including those in the run-up to last year's presidential election. Some, like Britain, have tightened existing rules after discovering misuse. Read More