Battleground 2024: PM Modi's assets saw smaller uptick in second term

The growth rate is also lower than has previously been seen during his tenure as Gujarat CM

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Prime Minister Narendra Modi’s assets grew at a compound annual growth rate (CAGR) of 3.6 per cent between 2019 and 2024. This is slower than the 10.6 per cent CAGR seen during his first term.

His total assets reached Rs 3.02 crore, show figures in the election affidavit that he filed on Tuesday, compared to Rs 2.5 crore as of 2019.  

This growth rate is also slower than that previously seen during his tenure as Gujarat chief minister. Modi had declared about Rs 43 lakh in assets during the 2007 Assembly elections; this figure increased to over Rs 1 crore in the 2012 Assembly election, growing at a CAGR of 25 per cent over the five-year period. In his 2014 Lok Sabha election affidavit, Modi declared Rs 1.5 crore in total assets, which rose to over Rs 2.5 crore as declared in his 2019 affidavit.

Modi is contesting from Varanasi for the third time. The Lok Sabha constituency goes to polls in the seventh phase of elections on June 1, along with 12 other parliamentary constituencies in Uttar Pradesh, including Gorakhpur, Ghazipur, Mirzapur, Deoria, and Maharajganj.

A break-up shows that Modi has all his declared assets in the form of movable assets in 2024. He had a 56 per cent allocation worth Rs 1.4 crore in 2019 towards movable assets. According to his 2019 affidavit, his movable assets included bank deposits totalling Rs 1.3 crore and Rs 7.6 lakh in National Savings Certificates. He owned L&T Infrastructure Bond (tax saving) worth Rs 20,000. 

The allocations, based on the latest affidavit, include Rs 2.86 crore in deposits, all with State Bank of India. National Savings Certificates account for another Rs 9 lakh. He also owns four gold rings worth around Rs 2.7 lakh. The prime minister has zero allocation to securities, such as shares, mutual funds and bonds.

Modi earlier owned a residential property with a value of Rs 1.1 crore, which is no longer part of the 2024 affidavit.