What are the pros & cons of 'One Nation One Election' as per Centre?

Law Minister Arjun Meghwal listed five hurdles to 'One Nation, One Election', including amendments in five articles of the Constitution, in the Parliament in July. Simultaneous polls would need consensus of all political parties and state governments, he said. Savings to the public exchequer and reduction in the Model Code of Conduct's period were listed as pros of simultaneous polls.