What is PM Modi's net worth?

What is PM Modi's net worth?

During Atal Bihari Vajpayee's term, it was decided that all Union Ministers have to voluntarily declare their assets and liabilities

Prime Minister Narendra Modi. Credit: AP/PTI Photo

Prime Minister Narendra Modi's latest declaration says that his net worth is Rs 3.07 crore. This is a rise of Rs 22 lakh from last year where his net worth was Rs 2.85 crore. 

The Prime Minister does not have investments in the stock market. His investments are in the form of National Savings Certificate (Rs. 8.9 lakh), life insurance policies, (Rs 1.5 lakh) and L&T infrastructure bonds bought for Rs 20,000 in 2012, as reported by Hindustan Times.

During Atal Bihari Vajpayee's term, it was decided that all Union Ministers have to voluntarily declare their assets and liabilities at the end of each financial year. This was done to increase transparency in public life.

PM Modi's wealth reportedly increased primarily due to his fixed deposits in State Bank of India, Gandhinagar. The fixed deposits amount to Rs 1.86 crore as opposed to Rs. 1.6 crore last year. 

In terms of assets, Modi does not own any vehicles. He has four gold rings valued at Rs 1.48 lakh and his bank balance stands at Rs 1.5 lakh, and cash in hand is Rs 36,000.

Since becoming PM, he has not bought any property. He has only one residential property bought in 2002, of which he has one-fourth share. 

The declarations are available in the public domain and can be accessed through the PM’s website.

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