Prime Minister Narendra Modi who had reshuffled his Union Cabinet by including new faces a couple of months back had given his declaration on his assets. Including Narendra Modi, the members of the Union Cabinet had also submitted their declarations for the financial year 2020-21. The Cabinet ministers had smartly invested in the stock market helping them to see a rise in their fortune and worth.
Prime Minister Narendra Modi did not make any investments in the stock market or other areas. But he had fixed deposits against his name and as a result, his net worth went up by a few lakhs. His net worth for 2020-21 stood at Rs 3.07 crore which was Rs 2.85 crore for 2019-20.
However, the Union Cabinet Ministers made smart moves by making investments in stock markets. With the rise in the value of their shares, their income had also increased. Narendra Modiâ€™s cabinet has a few richest Ministers. Let's have a look at the list.
Union Home Minister Amit Shah emerged as the richest legislator in Prime Minister Narendra Modiâ€™s Cabinet with a rise of 32 percent in his net worth for the current Financial Year. The increase in his share value played a major role in taking Amit Shah's net worth further up.
Commerce and Industry Minister Piyush Goyal in his declaration said his net worth rose to Rs 30.26 crore for this financial year. The net worth of the Minister increased by 10 percent.
Civil Aviation Minister Jyotiraditya Scindia owns assets worth Rs 35.4 crore including investments of close to Rs 11 lakh in mutual funds. The major share of the Union Cabinet Ministers saw a jump in their assets and net worth, thanks to the increase in stock market value.
The market capitalisation of the country had blossomed in the financial year as the value had risen by over Rs 200 trillion. The capitalisation for the year is the highest in the past 11 years with Sensex and Nifty Seeing growth of close to 70 percent. The growth witnessed by the stocks had worked well for the Union Minister who made investments in the stock market.