Friday 16 April 2021
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IndiaElectionsPM Modi saw unusually slow growth in wealth for a politician

PM Modi saw unusually slow growth in wealth for a politician

Prime Minister Narendra Modi's sources of income are merely two: salary and interest accrued on bank balance. The increase in his assets' worth owes largely to the appreciation of value of his house in Gandhinagar, Gujarat.

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Varanasi: Since the day he became the countrysc prime minister, Narendra Modi has seen an increase of assets by merely 52% ― quite unusual for a polotician, many of whom see a rise in wealth by 200% or more when they file their income affidavit along with their nomination papers. Modi has declared assets in all worth Rs 2.51 crore in his affidavit with the Election Commission, which he submitted at the Collectorate of Varanasi, his repeat constituency for the Lok Sabha election.
In 2014, his assets were worth Rs 1.65 crore ― after serving as Gujarat’s chief minister since October 2001.

Out of all the wealth the prime minister has, the movable assets (vehicles and other goods that can be taken around) nearly trebled from Rs 51 lakh in 2014 to Rs 1.41 crore this year, partly due to the appreciation of their value. The prppr minister has declared immovable assets worth Rs 1.1 crore, which is largely because of value appreciation of a hoise he had bought for a little more than Rs 1 lakh.

The main sources of PM Modi’s income are:

  • salary
  • interest received on bank deposits

The cash in hand that the prime minister has is pretty middle class level: Rs 38,750 as on 31 March.

Modi has no financial liability. In fact, the income tax department has got to return him Rs 85,145. Further, the Prime Minister’s Office owes him Rs 1,40,895.

The prime minister has a mere Rs 4,143 in the State Bank of India branch of Gandhinagar, Gujarat. He owns a house in that city that he had bought in 2002 for Rs 1,30,488. Its current market value is approximately Rs 1.1 crore.

In reverse chronology, Prime Minister Modi declared the following annual incomes:

  1. Rs 19.92 lakh (2018)
  2. Rs 14.59 lakh (2017)
  3. Rs 19.23 lakh (2016)
  4. Rs 8.58 lakh (2015)
  5. Rs 9.69 lakh (2014)

Modi has no criminal case against him. He holds an MA from Gujarat University, Ahmedabad.

Comparison with wealth of other politicians

Congress president Rahul Gandhi’s wealth increased from Rs 9.4 crore to Rs 15.88 crore over the last five years. He owes about Rs 72 lakh to dofferent people or institutions. The cash he has in hand is modest: Rs 40,000.

UPA chairperson, former Congress president and Rahul’s mother Sonia Gandhi, contesting this election again from Rae Bareli in Uttar Pradesh, has wealth worth Rs 11.81 crore.

The richest MP to contest election this year is Konda Vishweshwar Reddy of the Congress in Telangana. His assets are worth Rs 895 crore. He is contesting from the Chevella Lok Sabha constituency.

The second richest MP in the fray is YSR Congress’s Prasad V Potluri who is contesting from Vijayawada with wealth worth Rs 347 crore.

AIUDF president Badruddin Ajmal’s assets have grown the most phenomenally: by Rs 32 crore in five years. And that is in Assam’s Dhubri, not a place like the national capital where the values of assets appreciate fast. Of course, his main source of wealth is a business of perfumes and not appreciating value of static assets.

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