Main News

Glimpse into PM Modi’s investments; Doesn’t own a house or car

PM Modi possesses movable assets totalling INR 3.02 crore, alongside a modest sum of INR 52,920 in cash.

The recent declaration submitted for the 2024 parliamentary elections in Varanasi revealed that Prime Minister Narendra Modi favours traditional savings options such as bank deposits and postal savings.

According to the declaration, PM Modi possesses movable assets totalling INR 3.02 crore, alongside a modest sum of INR 52,920 in cash. Interestingly, he does not own any real estate, vehicles, or land.

Investment Insights

The document also reveals a significant aspect of PM Modi’s financial strategy. His taxable income has seen a substantial increase, jumping from INR 11 lakh in the fiscal year 2018-19 to INR 23.5 lakh in 2022-23. The rise in profits is evidence of his strong financial skills. PM Modi has INR 2.85 crore in fixed deposits at the State Bank of India and INR 9.12 lakh in National Savings Certificates (NSCs). The NSC, a secure investment scheme supported by the government and accessible through post offices, offers an annual interest rate of 7.7%, tax advantages under Section 80C, and is considered a low-risk investment. It has a five-year lock-in period, with the minimum investment starting at INR 1,000. In total, PM Modi’s investments in fixed deposits and NSCs are close to INR 3 crore.

PM Modi has consistently encouraged multinational corporations to invest in India, emphasizing the country’s significant transformations and declaring it an opportune moment for investment during a meeting with American business leaders in the US last June.

A United Nations University paper published in May commends the Modi administration’s economic achievements. It highlights the substantial growth in India’s GDP per capita, which soared from US$5,000 to over US$7,000—a 40% increase in just eight years—since PM Modi assumed office in 2014 amidst a sluggish economy and waning investor confidence due to high-profile corruption scandals.

To promote transparency, PM Modi included his mobile number and email address in his election affidavit. However, it’s noted that his mobile number is not registered on WhatsApp, and on the TrueCaller app, it’s listed under ‘Pm Narendra Ji’. His official email address is provided as [email protected], consistent with his previous election affidavit.

Dr. Shubhangi Jha

Avid reader, infrequent writer, evolving

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button