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Modi & his top ministers are risk-averse, invest their money in gold, FDs and land

An analysis of ministers’ declarations shows most of them don’t invest in equities and mutual funds, except Amit Shah and Piyush Goyal.

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New Delhi: Most of the cabinet ministers in the Narendra Modi government are risk-averse, preferring to invest in gold, bank fixed deposits and land rather than equities and mutual funds, ThePrint’s analysis of their investment patterns shows.

The declarations by the ministers, as of 30 May 2019, show their preference for investments that offer a fixed rate of return, like bank fixed deposits and insurance policies, or the more traditional way of locking-in wealth through investments in land and jewellery, rather than high-risk investments like equities and mutual funds where the returns are dependent on the vagaries of the stock markets.

Less than half of the ministers have invested in stocks, and the amount is relatively small compared to their overall asset holdings.

Among the senior cabinet ministers, Home Minister Amit Shah and Railways and Commerce and Industry Minister Piyush Goyal are prominent exceptions, with substantial investment in stock markets.

Others like Road Transport & Shipping Minister Nitin Gadkari, Chemicals and Fertilisers Minister D.V. Sadananda Gowda, Information and Broadcasting Minister Prakash Javadekar, Skill Development Minister Mahendra Nath Pandey, Women and Child Development Minister Smriti Irani, Parliamentary Affairs and Coal Minister Pralhad Joshi, Animal Husbandry Minister Giriraj Singh and Jal Shakti Minister Gajendra Singh Shekhawat have relatively smaller investments in stocks or mutual funds.

The Modi government has been criticised for some announcements in the Union Budget and elsewhere that adversely impacted the stock markets, including the increase in tax on the super-rich that is applicable to foreign portfolio investors. This tax led to a widespread sell-off by these investors, which in turn led to the stock markets crashing, and nearly Rs 5 lakh crore of market capitalisation being wiped off in less than a month.

ThePrint has not added the investment patterns and assets of the ministers’ spouses in its analysis. Also, the latest investment patterns of a few senior ministers like Defence Minister Rajnath Singh and Law Minister Ravi Shankar Prasad are not yet available.

Also read: India can achieve Modi’s $5 trillion economy target via private investment: Economic Survey

Narendra Modi

The Prime Minister’s movable and immovable assets are worth approximately Rs 2.5 crore, and a majority of his investments — at Rs 1.35 crore — are in bank fixed deposits and National Savings Certificates, which offer a guaranteed rate of return.

Amit Shah

Shah’s total assets are worth Rs 32.48 crore, of which around Rs 18 crore worth of investments are in securities. Land and house property constitute another Rs 13 crore worth of assets. A substantial portion of Shah’s assets are inherited, as per his declaration.

Nirmala Sitharaman

Finance Minister Sitharaman has land holdings, gold jewellery and money in bank fixed deposits. While her residential property, valued at around Rs 1 crore, is jointly held with her husband, her other investments total Rs 16.8 lakh.

To be sure, stock market investments by a minister whose decisions could influence the stock market could be categorised as a conflict of interest.

Nitin Gadkari

Gadkari, the Minister for Road Transport and Highways, Shipping and MSMEs, also has substantial investments in bank deposits, gold jewellery and immovable property, with only a negligible investment in stocks.

Of the nearly Rs 13.5 crore of assets he holds as an individual and as part of a ‘Hindu undivided family’, about Rs 12 crore worth of investments is in land and house property. The remaining is in gold (Rs 43 lakh) and bank fixed deposits (Rs 15 lakh). Investments in shares is only Rs 3.5 lakh.

S. Jaishankar

External Affairs Minister Jaishankar prefers to park most of his life savings in bank accounts and fixed deposits. Being a career diplomat, Jaishankar also has money in overseas bank accounts, his declaration shows.

Of the nearly Rs 14 crore of movable and immovable assets declared by Jaishankar, more than Rs 8 crore is in bank accounts and fixed deposits in India and abroad, and around Rs 85 lakh is in land holdings.

Piyush Goyal

Goyal has Rs 29.4 crore worth of assets, of which more than Rs 5.5 crore are investments in listed stocks and mutual funds. He has another Rs 1.9 crore of investments in bonds, Rs 3.3 crore in house property, Rs 2.28 crore in jewellery and Rs 13.7 crore in loans and advances to others.

Also read: Modi needs more than tax breaks to make India an investment hub


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  1. That is why 85% reservation scheme is being introduced in India, because their progeny neither need to study nor work. Had their children faced difficulties, they would have opposed their parents introduced casteist schemes that has engulfed the nation. Media owners are no different.


  3. Big shots. Lots of money. You can watch their assets growing exponentially from election to election. It is the common man who is losing due to unscientific measures like demonetisation and irrational GST. On the top of that the tax terrorism which makes the lives miserable for those who in business particularly those in the middle rung.

  4. Daily “opposition research” by the Print Team on Modi and his team. Likely will boost Modi’s popularity. The guy’s wealth only 2.5 crores. Imagine if Lalu or Kamalnath or Mulayam or Mayawti had been CM of Gujarat for 15 years and then PM of India for 5 years, each would own 2500000 crores after excluding family benami assets.

    Who told you a Finance Minister cannot invest in stock markets? It may not be legal to do change investments based on specific insider information but it cannot be blanket

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