PM Modi, top ministers keep assets in real estate, banks; stay clear of stocks
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It’s not the equity market, instead real estate -- the arch-enemy of equities – where the Indian Prime Minister The latest disclosures of assets and liabilities of the Cabinet ministers show that real estate is the hands-down favourite followed by bank deposits, insurance policies and gold.
Total assets of Modi and his ministers amount to a staggering Rs 91.1 crore, out of which only a fraction (2.1 per cent) is allocated to equities.
(Image credit: Economic Times)
The Prime Minister himself has allocated 79 per cent of his assets to real estate followed by 15 per cent to bank deposits, 1 per cent to gold and a big fat zero per cent to equities. For a man who has been a market mover ever since he was named the prime ministerial candidate of the BJP way back in 2013, his allocation to equities is negligible.
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However, it is still ironic given the efforts that the government has put in to bring more money into the stock market and the general perception of it being a champion of the market culture.
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