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Prime Minister Narendra Modi, under whose leadership the Indian economy climbed from the 10th spot to become the fifth largest, believes in traditional investment instruments like fixed deposits and post office schemes. This was revealed in his latest election affidavit that he filed on Tuesday to contest in the 2024 Lok Sabha election of his constituency Varanasi.
PM Modi’s 2024 election affidavit shows that he has moveable assets worth Rs 3.02 crore and Rs 52,920 as cash in hand. He neither owns land, a house nor a car, reveals his 2024 affidavit.
PM Modi’s 2024 election affidavit further shows that PM Modi’s taxable income doubled from Rs 11 lakh in 2018-19 to Rs 23.5 lakh in 2022-23.
When it comes to savings-cum-investment, PM Modi banks on fixed deposits and National Savings Certificates.
He has Rs 2.85 crore in fixed deposit receipts (FDRs) with the State Bank of India.
PM Modi has an investment of Rs 9.12 lakh in National Savings Certificates (NSC).
The National Savings Certificate (NSC) is a government-backed fixed-income investment scheme available through post offices. It offers a 7.7% annual interest rate, tax benefits under Section 80C, and a low-risk profile, according to Cleartax.
The NSC has a lock-in period of five years and the initial investment can be Rs 1,000.
PM Modi’s total investments in FDs and NSCs amount to around Rs 3 crore.
The Prime Minister has been seeking multi-national companies to invest in India.
In the US in June last year, he told American corporates that “this is the time to invest in India”, while highlighting the profound transformations that the country was witnessing.
The Modi government’s performance on economic parameters has been impressive, according to a paper published in May by United Nations University.
“When Modi came to power in 2014, economic growth was sluggish. A series of high-profile corruption cases led to a loss of investor confidence in the Indian economy,” the paper, by Kunal Sen, notes.
“But between 2014 and 2022, India’s gross domestic product (GDP) per capita (a measure of income per head) rose from US$5,000 to over US$7,000 — an increase of roughly 40% in eight years,” it says.
Modi is a changemaker who believes in traditional savings and investment instruments like FDs and NSCs.
His 2019 election affidavit also mentioned NSCs worth Rs 7.61 lakh and fixed deposit worth Rs 1.28 crore.
PM Modi’s 2019 election affidavit mentioned investment of Rs 20,000 in an L&T Infrastructure Bond, a tax-saving instrument, but there was no mention of investment in any bond in the 2024 affidavit.
PM MODI’S MOBILE NUMBER NOT ON WHATSAPP
Prime Minister Modi declared his mobile number and email id in his election affidavit that he submitted on Tuesday to contest the Lok Sabha election from Varanasi.
The mobile number, however, is not on WhatsApp.
The mobile number on the TrueCaller app shows registered as ‘Pm Narendra Ji’.
The email id shared by Prime Minister Narendra Modi in his election affidavit is narendramodi@narendramodi.in.
In his last election affidavit too, PM Modi had shared his mobile number and email address.
