Assets of India’s Modi revealed

The prime minister, who is contesting the election from the holy city of Varanasi, doesn’t own car or a house, mandatory filings show

Prime Minister Narendra Modi of India disclosed the state of his finances while filing his nomination to run for parliament from the holy site of Varanasi in Uttar Pradesh state. India mandates the disclosure of a candidate’s financial details for transparency.

The Indian leader, according to his filings, owns assets worth 30 million rupees ($360,000). Most of the amount is held in fixed deposit receipts at the State Bank of India (SBI) along with $950 held in a savings account. Modi’s only source of income is his government salary and the interest earned on his savings. The prime minister’s total income for the 2022-23 financial year was 2.3 million rupees ($27,500) on which he paid 0.3 million ($3,600) as income tax. 

Notably, the leader of the world’s most populous nation does not own land, a house, or a car. At present, Modi lives in Panchavati, the prime minister’s residence in Lok Kalyan Marg, New Delhi.

Modi’s official vehicle is the Mercedes Maybach S-650, valued at around $1.5 million.

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The prime minister’s modest net worth stands in stark contrast to the wealthiest candidates in the election, where big money is believed to be playing a major role.

The richest candidate, according to the filings so far, is doctor-turned-entrepreneur Chandra Sekhar Pemmasani, a Telugu Desam Party (TDP) leader who is running in southern India’s Andhra Pradesh state, with declared assets worth $683 million. Some other prominent names on the Indian election’s rich list include BJP’s Konda Vishweshwar Reddy who declared assets worth around $547 million, and Congress candidates Nakul Nath and Venkataramane Gowda with net worths of $85 million and $74 million, respectively.

Modi has served as prime minister since 2014, when the ruling Bharatiya Janata Party (BJP) rode a large wave of populist sentiment to oust the Congress party-led United People’s Alliance (UPA). Prior to that, he served as the chief minister of western India’s Gujarat state, from 2001 to 2014.Modi is eyeing a third consecutive term as prime minister. His party’s biggest challenge comes from the Indian National Developmental Inclusive Alliance (INDIA) opposition bloc comprising 28 parties. However, pre-election polls have predicted that the ruling party will return to power.

READ MORE: Who is Narendra Modi, the Indian strongman seeking a third term in the 2024 polls?

Varanasi is the stronghold for both Modi and the BJP – the party has won eight times in this constituency since 1991, with only RK Mishra of the Congress managing to break its stranglehold in 2004. Before filing his nomination on Tuesday, Modi prayed at the city’s holy Dashashwamedh Ghat beside the Ganga River, with Uttar Pradesh Chief Minister Yogi Adityanath. Voting in Varanasi will be held on June 1, during the last of the seven phases of the election. The results will be declared on June 4.

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