Lok Sabha Polls 2024: PM Modi declares assets worth ₹3.02 cr

Prime Minister Narendra Modi has declared total assets worth ₹3.02 crore, according to his election affidavit. The PM filed a nomination for his third term as an MP from Varanasi, UP, today. The total value of the PM's assets increased from ₹2.51 crore in 2019 and ₹1.66 crore in 2014.

"Filed my nomination papers as a candidate for the Varanasi Lok Sabha seat. It is an honour to serve the people of this historic seat. With the blessings of the people, there have been remarkable achievements over the last decade. This pace of work will get even faster in the times to come," the PM said on X.

The affidavit shows cash in hand at ₹52,920, while fixed deposits are worth around ₹2.8 crore. The PM's total income shown in the income tax return surged from ₹11.1 lakh in FY19 to ₹23.5 lakh in FY23.

His investments include four gold rings worth ₹2.67 lakh; National Savings Certificates worth ₹9.12 lakh; and FDs worth ₹2.85 lakh.

During his nomination, the Prime Minister was accompanied by key NDA leaders including Union ministers Rajnath Singh, Amit Shah, BJP national president JP Nadda, UP CM Yogi Adityanath, and others.

Notably, the Election Commission of India (ECI) mandates each candidate contesting for LS polls to disclose assets at the time of filing for nominations.

No immovable assets have been declared in the PM's election affidavit. He also does not have any investments in stocks or mutual funds. In contrast, Union Home Minister Amit Shah is an avid investor and has invested in stocks of 181 listed companies, valuing his equity portfolio at ₹17.43 crore, according to the affidavit filed with the Election Commission of India.

Shah's top bets include 4,000 shares of Colgate-Palmolive (India) Ltd valued at ₹1.06 crore, 6,176 shares of fast-moving consumer goods giant Hindustan Unilever worth ₹1.35 crore, and 100 shares of tyre maker MRF having a market value of ₹1.29 crore. Shah's wife Sonal Shah also owns shares in 79 listed companies.

Notably, Varanasi is scheduled to poll in the last phase (7th) of the 2024 Lok Sabha polls on June 1, 2024. The results of the 2024 Lok Sabha Elections will be announced on June 4, 2024. The General Elections 2024 are estimated to be the ‘most expensive polls’ ever. Not just in the history of India, but the world.

The credible estimates, and trends from past elections, indicate the total expense to conduct the largest democratic exercise in history will surpass ₹1.20 lakh crore this time. Some put the number even higher at ₹1.35 lakh crore. That’s more than double the amount (₹60,000 crore) India spent in the 2019 General Elections.

Dr. N. Bhaskara Rao, chairman of the New Delhi-based think tank Centre for Media Studies (CMS), says if the 2019 polls made history as the most expensive polls ever, 2024 would touch new heights. “My organisation’s initial estimation of total poll expenditure was ₹1.2 lakh crore. But following the revelation on electoral bonds, with so much corporate money backing parties and every stakeholder expecting its bone of flesh, it could easily surpass ₹1.35 lakh crore,” he had told Fortune India earlier.