PM Modi declares his net worth: Marginal Rise since last year brings it to INR 3.07 Crore
Gandhinagar – Prime Minister Narendra Modi’s net worth has seen a marginal rise since last year, according to the latest declaration. The prime minister’s website shows his net worth has surged by INR 22 lakh, bringing it to INR 3.07 crore from last year’s INR 2.85 crore.
During the term of former Prime Minister Atal Bihari Vajpayee, it was declared that all Union Ministers will have to voluntarily proclaim their assets as well as liabilities at the end of each financial year, for greater public transparency.
The declaration on the website of the 71-year-old prime minister shows he has a bank balance of INR 1,52,480 and INR 36,900 in cash. The rise in worth is mainly attributed to his Fixed Deposits (FDs) in the Gandhinagar branch of SBI (State Bank of India) that amounts to INR 1.86 crore as of March 31. Last year its value was INR 1.6 crore.
Prime Minister Modi doesn’t have any exposure to the stock market. His investments are in form of NSC (National Savings Certificate) amounting to INR 8.9 lakh, life insurance policies of INR 1.5 lakh, and L&T infrastructure bonds that he bought for INR 20,000 in 2012. PM Modi owns four gold rings that are worth INR 1.48 lakh.
PM Modi does not own any personal loans. Furthermore, he does not have any loans or liabilities.
Mr. Modi owns one residential property which is joint property. PM owns only a 25% share in it. The property was bought in October 2002 before he became Chief Minister of Gujarat. The cost was INR 1.3 lakh at that time for the 3,531 sq ft plot. After that PM Modi has not bought any property.
Meanwhile, the richest man in Modi’s cabinet as per the declaration is Home Affairs Minister Amit Shah, with a net worth of INR 37 crore. Shah has 10 immovable properties, all located in Gujarat. The net worth of the 56-year-old minister has increased by approximately INR 9.28 crore since last year.