Prime Minister Narendra Modi, who led India’s economy to rise from the 10th to the fifth position, prefers traditional investments like fixed deposits and post office schemes, as per his recent election filing for the 2024 Lok Sabha election in Varanasi.
According to the affidavit, PM Modi’s movable assets amount to Rs 3.02 crore with Rs 52,920 in cash. Interestingly, he doesn’t possess any land, house, or car.
Additionally, the affidavit reveals a significant increase in PM Modi’s taxable income, which surged from Rs 11 lakh in 2018-19 to Rs 23.5 lakh in 2022-23.
Prime Minister Narendra Modi’s Asset Declaration
Prime Minister Narendra Modi disclosed in his election paperwork that he possesses assets valued at more than ₹ 3 crore, including no land, homes, or vehicles. His nomination for the Varanasi constituency was submitted recently.
The paperwork reveals his total assets at ₹ 3.02 crore, primarily consisting of a fixed deposit of ₹ 2.86 crore in the State Bank of India. He holds ₹ 52,920 in cash and ₹ 80,304 across two bank accounts in Gandhinagar and Varanasi.
Additionally, he invested ₹ 9.12 lakh in National Savings Certificates and owns four gold rings valued at ₹ 2.68 lakh. His income has risen from ₹ 11.14 lakh in 2018-19 to ₹ 23.56 lakh in 2022-23. Modi completed his Bachelor of Arts from Delhi University in 1978 and his Master of Arts from Gujarat University in 1983, with no pending criminal cases against him.
Expressing gratitude and emotion during his nomination filing in Varanasi, where he is seeking a third term as MP, the Prime Minister stated, “I am deeply moved. Time has flown by under your care. Today, Maa Ganga has embraced me.”
Varanasi will cast its votes in the seventh phase of the Lok Sabha election on June 1.
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PM Modi’s Savings Strategy
Prime Minister Modi prefers to invest his savings in fixed deposits and National Savings Certificates. He has around Rs 2.85 crore invested in fixed deposit receipts with the State Bank of India and Rs 9.12 lakh invested in National Savings Certificates.
National Savings Certificates are government-backed investment schemes offered through post offices, providing a 7.7% annual interest rate, tax benefits under Section 80C, and a low-risk profile. They have a lock-in period of five years, with an initial investment as low as Rs 1,000. In total, PM Modi’s investments in FDs and NSCs add up to about Rs 3 crore.
PM Modi’s Call for International Investment
The Prime Minister actively encourages multinational companies to invest in India. During a speech in the US last June, he urged American businesses to consider investing in India, emphasizing the country’s ongoing significant transformations. A recent paper from the United Nations University commends the Modi government’s impressive economic performance.
The paper highlights that when Modi took office in 2014, India was grappling with slow economic growth and waning investor confidence due to notable corruption cases. However, between 2014 and 2022, India’s GDP per capita surged from $5,000 to over $7,000, marking a substantial 40% increase in eight years.
Modi advocates for traditional savings and investment methods like Fixed Deposits (FDs) and National Savings Certificates (NSCs). His 2019 election declaration disclosed NSCs valued at Rs 7.61 lakh and fixed deposits worth Rs 1.28 crore. While he previously invested Rs 20,000 in an L&T Infrastructure Bond in 2019, which is a tax-saving tool, his 2024 affidavit does not mention any bond investments.
PM Modi’s Contact Details
Prime Minister Modi recently shared his contact details, including his mobile number and email, as part of his election paperwork for the Varanasi Lok Sabha race. Interestingly, his mobile number isn’t linked to WhatsApp. If you search on TrueCaller, you’ll find it registered as ‘Pm Narendra Ji’.
The email he provided is narendramodi@narendramodi.in. This isn’t the first time; he shared similar information in his previous election paperwork as well.
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Prime Minister Narendra Modi’s Asset Declaration FAQs
Q.1. What are Prime Minister Modi’s movable assets and investments?
Ans. Prime Minister Modi’s movable assets include a fixed deposit of ₹2.86 crore, National Savings Certificates worth ₹9.12 lakh, and ₹52,920 in cash.
Q.2. How has PM Modi’s taxable income changed over the years?
Ans. PM Modi’s taxable income increased from ₹11 lakh in 2018-19 to ₹23.5 lakh in 2022-23, as per his recent election filing.
Q.3. What traditional investment methods does PM Modi advocate?
Ans. PM Modi prefers traditional investments like fixed deposits and National Savings Certificates, as evidenced by his asset declaration.
Q.4. What is PM Modi’s contact information provided for the Varanasi Lok Sabha race?
Ans. PM Modi shared his mobile number (not linked to WhatsApp) and email (narendramodi@narendramodi.in) in his election paperwork for Varanasi.
Q.5. What is the significance of PM Modi’s financial disclosures for the 2024 election?
Ans. PM Modi’s financial disclosures shed light on his assets, investments, and income, providing transparency and insight into his financial practices as a political leader.
