Indian Prime Minister Narendra Modi Has Avoided Stocks and Debt
Indian Prime Minister Narendra Modi’s investments cover a range of asset classes, but stocks are notably missing. How has he avoided stocks and debt?
Sept. 16 2021, Published 3:00 p.m. ET
Indian Prime Minister Narendra Modi celebrates his birthday on Sept. 17, with public events planned across India to mark the day. People are curious about Modi’s investments as he turns 71.
Modi has been in public service for many years, including 20 years heading a public office. He served 13 years as the chief minister of Gujarat state and has been India’s PM for seven years. The leader is entitled to a salary and other perks, and those have added up over the years to a modest fortune.
Modi's investment portfolio features a diverse range of assets, including some cash. The latest wealth declaration shows the PM had 31,450 rupees in cash in hand and 338,000 rupees in savings account balance.
Modi owns a few gold rings worth about 150,000 rupees. He’s a part-owner of a family house valued at 11 million rupees. The property was bought in 2002 for a little more than 130,000 rupees with an additional 250,000 rupees invested in it. Modi’s other investments are infrastructure bonds and a life insurance policy. However, the PM doesn't have an appetite for stocks as an investment. He also doesn’t own a car and doesn't understand loans.
Together, the PM’s fortune is worth about 28.5 million rupees. Modi’s predecessor Manmohan Singh was wealthier with a fortune of more than 107 million rupees before he left office.
Modi pitches India as an attractive investment destination
For those seeking investments with reliable returns, Modi has said that India is the place to be. The PM has highlighted the country's talent, capital, market, culture of openness, and ecosystem as some of the pillars that help it stand out as an investment destination.
Modi has also highlighted the opportunity in India’s renewable energy sector. The PM says that the sector will require $20 billion in annual investments toward solar, wind, and hydropower.
Modi's birthday campaign
The PM’s political party is planning a 20-day campaign to mark the leader’s two decades in public service. Party branches across the country will have various events spearheaded by the party’s youth during the period.
Several Indian states have also planned a mass COVID-19 vaccine outreach to mark Modi’s birthday. For example, Madhya Pradesh state aims to inoculate some 3.2 million people with the first dose of COVID-19 vaccine on Modi’s birthday. In Assam, the state targets to administer the first COVID-19 dose to some 800,000 people. The COVID-19 pandemic has dealt a heavy blow to the Indian economy, which has resulted in high unemployment.