Book royalty, deposits push PM’s wealth up by `32 lakh

NEW DELHI: Prime Minister Narendra Modi’s wealth grew by a little over `32 lakh in 2015-16, driven by bank investments and royalty earned from book sales.

Between April 2015 and March 2016, Modi received `12.35 lakh in royalty from the sale of his books, and his fixed deposits grew by `20 lakh, according to the annual statement of his assets and liabilities disclosed as part of a voluntary exercise to maintain transparency in the top echelons of the government.

His latest statement, dated March 31, 2016, shows a 22.8% jump in his wealth over the previous financial year. The PM draws a monthly salary of `1.6 lakh.

The declaration also shows that term deposits in banks remained his favourite tool of investment. While many of his cabinet colleagues invested in private banks’ mutual funds, the PM added `20.35 lakh to a fixed deposit in SBI’s Gandhinagar branch this year, taking the total deposit to `51.27 lakh.

Modi has authored 15 books in Gujarati and English on a wide range of subjects — from yoga to philosophy to education. He also has a book of poems to his name. But this was the first time since he became PM that he earned royalty on those books.

The PM has 1/4th share in a house at Sector 1 of Gandhinagar in Gujarat. The property, valued at `1 crore, has shown no increase value in the last three years.

In all, Modi has more cash in hand and in his bank account this year, and the value of his four gold rings also increased marginally.