2020 has been a devastating year on the economic front for the nation. It even impacted the net worth of Union Minister for Home Amit Shah negatively, as he saw an erosion of almost Rs 4 crore in the last 12 months.
However, Prime Minister Narendra Modi, who seems to believe in the maxim ‘a penny saved is a penny earned’, actually became a bit richer than the previous year. There might be a lesson or two for all of us to learn from his saving and investing habits. Take a look...
Prime Minister Modi's net worth increased this year in comparison to last year as per the latest asset declarations submitted to the Prime Minister’s Office. His movable assets increased by Rs 36.53 lakh over the past 15 months and he saves most of his money in savings accounts and term deposits with banks, as per the declaration of assets and liabilities.
PM Modi, who hold a Masters in Arts degree from Gujarat University, has a net worth of Rs 2.5 crore, according to his Lok Sabha Election 2019 affidavit.
His net worth as of June 30 this year was up at Rs 2.85 crore, from Rs 2.49 crore last year, having risen by Rs 36.53 lakh. His assets have primarily increased due to bank deposits of around Rs 3.3 lakh and returns on safe investments worth Rs 33 lakh during the last one year.
The declaration by PMO shows that PM Modi had only Rs 31,450 as cash in hand and a bank balance of Rs 3,38,173. He has Bank Fixed Deposits and MOD (Multi Option Deposit) balance of Rs 1,60,28,939 at SBI Gandhinagar NSC branch.
The prime minister also 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 moveable assets declared by PM Modi are worth around Rs 1.75 crore.
PM Modi’s movable assets grew by 26.26 percent to Rs 1,75,63,618 from Rs 1,39,10,260 in the previous fiscal year. The PM’s latest voluntary disclosure, published on October 12, shows his financial status as of June 30.
There was no change in the value of the real estate that the prime minister owns. He has a Rs 1.1-crore plot and a house in Gandhinagar.
He draws a monthly salary of Rs 2 lakh, along with the President, the Vice President, his Cabinet colleagues and Members of Parliament, and has voluntarily agreed for a 30% cut in pay and allowances beginning April in a cost-cutting exercise amid the coronavirus pandemic.
Contrary to the prime minister’s increase in net worth, Home Minister Amit Shah’s assets decreased in 2020. As per the declarations, Amit Shah has declared his net worth as Rs 28.63 crore as of June 2020, while it was Rs 32.30 crore in 2019.
So who do you think is a wiser when it comes to money matters? Take the poll below and let us know...
Inputs: Agencies, DNA, Latestly