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Business News/ Politics / Policy/  Real estate tops Union cabinet ministers’ asset chart, few invest in stocks
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Real estate tops Union cabinet ministers’ asset chart, few invest in stocks

The 'cash in hand' component declared by most ministers is only about a few thousand rupees

Photo: BloombergPremium
Photo: Bloomberg

New Delhi: Suresh Prabhu, Sadananda Gowda, Ashok Gajapathi Raju and Ravi Shankar Prasad are among the few ministers to have invested in financial instruments such as bonds and stocks, while real estate seems to be the preferred asset-building avenue for most of the members of the Union cabinet.

As per the latest details of the assets and liabilities of the Union council of ministers disclosed by the prime minister’s office (PMO), a few ministers such as Sushma Swaraj and Venkaiah Naidu do not own any vehicle in their names while many others have got multiple cars including luxury ones.

At the same time, most of the ministers have jewellery, while real estate properties including houses and flats account for the bulk of their total assets.

The ‘cash in hand’ component declared by most ministers is only about a few thousand rupees, while quite a few including Swaraj, Ashok Gajapathi Raju and Ramvilas Paswan have parked their money in fixed deposits.

The assets disclosed are as at the end of fiscal 2015 and the details were last updated on PMO website on 30 January 2016. The details are yet to be disclosed for some top ministers including Rajnath Singh, Arun Jaitley, Nitin Gadkari, Manohar Parrikar, Maneka Gandhi and Harsh Vardhan.

Among ministers of state with independent charge, Mahesh Sharma has disclosed five properties worth a total value of 19.19 crore, including one he inherited. He has also investments in company shares and owns two cars—Toyota Land Cruiser and Mitsubishi Lancer.

Jitendra Singh’s assets include a house worth 1.97 crore in Jammu and agricultural land worth 33 lakh. Among cabinet ministers, Smriti Irani has disclosed one residential flat in Mumbai worth 90 lakh and a residential apartment in Goa worth 87.50 lakh, among other immovable properties. Her movable assets include two cars, jewellery, bank deposits, fixed deposits (FDs), national savings certificates and shares in unlisted companies.

Radha Mohan Singh has disclosed properties in Bihar and Noida worth 62 lakh, as also agricultural and non-agricultural land in Bihar. While Singh does not own any vehicle, he has parked money in FDs and his other movable assets include gold, two mobiles, one watch, one revolver and one rifle.

Uma Bharati has disclosed four residential properties, including two inherited and two purchased by her; gold and silver wares and ornaments, bank deposits and FDs and an insurance policy, but no cars.

Sadananda Gowda has disclosed six properties, seven land parcels, as also car, telephone, mobile phone, computer, a gun and a revolver among his assets. Besides, he has jewellery, bank deposits and investments in stocks, bonds and debentures.

Suresh Prabhu has disclosed a flat in Mumbai, as also agriculture land in Maharashtra and non-agricultural land in Goa. He also has invested in mutual funds, bonds and shares of listed and unlisted companies, but has no fixed deposits. M Venkaiah Naidu has no land, residential asset or commercial property in his name, although her wife has some. He has over 28 lakh as bank deposits, but no investments in shares, bonds or debentures and his assets do not include any cars or jewellery. There are no vehicles in the name of his wife as well.

Sushma Swaraj has disclosed one residential flat in Delhi and ancestral land in Palwal, while her movable assets include jewellery (worth over 23 lakh) and FDs. She has no cars in her name, but her husband has two vehicles—a Mercedes and a Volkswagen model. Swaraj as well as her husband have further declared they have “no investment in stocks, shares, companies or mutual funds" and “no insurance policy". PTI

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Published: 02 Feb 2016, 07:32 PM IST
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