Modi’s Assets Increase, Shah’s Register Decline

Prime Minister Narendra Modi’s net worth registered a spike this year in comparison to 2019 while that of Union Home Minister Amit Shah witnessed a decline, as per the recent asset declarations submitted to the Prime Minister’s Office (PMO).

Modi’s net worth as of June 30 this year, stood at Rs 2.85 crore, up from Rs 2.49 crore in 2019, according to the latest asset declaration. His assets have witnessed a spike of Rs 36 lakh mainly due to bank deposits of nearly Rs 3.3 lakh and returns on safe investments worth Rs 33 lakh during the last one year.

By the end of June 2020, Modi had only Rs 31,450 as cash in hand and a bank balance of Rs 3,38,173 with SBI Gandhinagar NSC branch. Apart from this, he also has FDR, MOD balance of Rs 1,60,28,939.

PM Modi has National Savings Certificates (NSC) worth Rs 8,43,124, life insurance policies worth Rs 1,50,957 and tax-saving Infra bonds worth Rs 20,000. The immoveable assets declared are nearly Rs 1.75 crore.

PM Modi has availed no loans and possesses no personal vehicle in his name. He has four gold rings, weighing approximately 45 grams and is valued at Rs 1.5 lakh.

Modi’s declarations also found that he jointly owns a plot in Sector-1 in Gandhinagar, measuring 3,531 square feet. The property mentioned in the declaration was purchased on October 25, 2002, two months before he was appointed as the Chief Minister of Gujarat. At the time, the cost of the property was about Rs 1.3 lakh.

As of today, the market worth of the PM’s share of the property is about Rs1.10 crore.

Coming to Union Home Minister Amit Shah, the share market volatility has impacted the equity held by Shah.

As of June 2020, Shah has declared his net worth as Rs 28.63 crore, compared to Rs 32.3 crore, declared in 2019. He owns 10 immovable properties in Gujarat. Properties owned by him and shared inheritance from his mother are worth Rs 13.56 crore, the PMO declarations revealed.

Amit Shah possesses Rs 15,814 as cash in hand, Rs 1.04 crore in bank balance and insurance, pension policies worth Rs 13.47 lakh, Rs 2.79 lakh in fixed deposit schemes and jewellery worth Rs 44.47 lakh.

Shah’s net worth has fallen this year in the wake of fall in the market value of the securities held by him.

He has declared Rs 12.10 crore worth inherited securities and Rs 1.4 crore owned securities. Their total value of Rs 13.5 crore as of March 31 this year is lesser than the Rs 17.9 crore declaration in 2019. Shah has liabilities worth Rs 15.77 lakh.

The net worth of Defence Minister Rajnath Singh has not witnessed any major change as compared to 2019. The minister has declared Rs 1.97 crore worth moveable assets and Rs 2.97 crore worth immovable assets.

The movable assets of Union Minister of Highways Nitin Gadkari, his wife and family jointly stand at Rs 2.97 crore as per his declaration. On the other hand, the combined immovable assets declared by him is Rs 15.98 crore.

Meanwhile, Union Finance Minister Nirmala Sitaraman’s net worth seems modest in comparison to the past finance ministers of India. She has declared a residential property worth Rs 99.36 lakh, held jointly with her spouse and non-agricultural land worth Rs 16.02 lakh. Sitharaman has declared ownership of a Bajaj Chetak Scooter with an Andhra Pradesh registration number worth Rs 28,200.

Sitharaman has a 19-year home loan, a one-year overdraft and a 10-year mortgage loan. Her moveable assets are estimated to be worth Rs 18.4 lakh.

Law minister Ravi Shankar Prasad has declared three immovable properties, one inherited and two owned worth Rs 3.79 crore. He has also declared assets and investments worth about Rs 16.5 crore.

Union minister Smriti Zubin Irani has declared immovable property worth Rs 4.64 crore and moveable assets including investments worth Rs 1.77 crore.