Prime Minister Narendra Modi, known for his leadership in steering Bharat’s economy to become the fifth largest globally, has disclosed his investment strategy in his latest election affidavit filed for the 2024 Lok Sabha election in Varanasi.
Despite the country’s economic strides under his governance, PM Modi’s financial approach remains rooted in traditional investment instruments, according to the affidavit.
PM Modi in the affidavit, revealed movable assets totaling Rs 3.02 crore, with a modest cash holding of Rs 52,920. Surprisingly, he does not possess land, a house, or even a car, a stark contrast to many politicians’ asset portfolios.
While his taxable income has doubled from Rs 11 lakh in 2018-19 to Rs 23.5 lakh in 2022-23, PM Modi’s investment preferences lean heavily towards fixed deposits (FDs) and National Savings Certificates (NSCs). His FDs with the State Bank of India amount to Rs 2.85 crore, while he has invested Rs 9.12 lakh in NSCs.
National Savings Certificates (NSCs) are government-backed fixed-income investment schemes available through post offices. With a 7.7% annual interest rate and tax benefits under Section 80C, NSCs offer a low-risk investment avenue with a lock-in period of five years.
PM Modi’s significant investment in FDs and NSCs reflects his conservative approach towards savings and investment.
Despite his reliance on traditional investment avenues, PM Modi has been actively courting multinational companies to invest in Bharat. His efforts to attract foreign investment were highlighted during a speech in the US last year, where he urged American corporates to seize the opportunity to invest in Bharat, emphasizing the nation’s transformative potential.
An academic paper by Kunal Sen published in May underscored the Modi government’s economic achievements, noting a substantial rise in Bharat’s gross domestic product (GDP) per capita during his tenure. The paper acknowledges Modi’s role in revitalizing the economy, which was marred by sluggish growth and investor skepticism when he assumed office in 2014.
PM Modi’s financial transparency extends to his election affidavits, where he discloses his contact information, including his mobile number and email address. His mobile number, registered as ‘Pm Narendra Ji’ on TrueCaller, is notably not on WhatsApp. The email address provided, narendramodi@narendramodi.in, offers a direct channel for constituents to communicate with the Prime Minister.
Prime Minister Narendra Modi’s investment choices, as revealed in his 2024 election affidavit, reflect a conservative approach favoring traditional instruments like fixed deposits and National Savings Certificates.
Despite Bharat’s economic ascent under his leadership, PM Modi’s financial strategy remains grounded in stability and security, aligning with his vision for the nation’s economic growth and prosperity.
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