A recent analysis of election affidavits has shed light on the contrasting financial trajectories of Prime Minister Narendra Modi and Congress leader Rahul Gandhi. According to the findings, PM Modi's annual income experienced a significant surge, doubling from the financial years 2018-19 to 2022-23. In stark contrast, Rahul Gandhi, who represents Wayanad in the Lok Sabha, reportedly earns more than four times the income of the Prime Minister. This revelation underscores the notable wealth disparity between the two prominent political figures.
File photo of PM Narendra Modi and Congress leader Rahul Gandhi. ( Image Source : PTI) LINK
PM Modi’s Assets
In the affidavit filed by Prime Minister Narendra Modi for his candidacy from Varanasi in Uttar Pradesh, it has been revealed that his assets have seen a little increase over the past decade. From Rs 1.65 crore in 2014, his assets have grown to Rs 3.02 crore in 2024, marking a notable surge in wealth. This revelation, based on the Prime Minister's own declaration, offers insight into his financial standing over the years. In 2019, his assets were reported at Rs 2.51 crore.
PM Modi's affidavit further outlines the composition of his assets, revealing a notable absence of immovable assets and registered property or vehicles in his name. Instead, his assets primarily consist of Rs 2.86 crore in bank deposits with the State Bank of India (SBI) and National Savings Certificates valued at Rs 9 lakh. Additionally, he possesses four gold rings valued at approximately Rs 2.7 lakh. Notably, the Prime Minister's financial holdings do not include investments in securities such as shares, mutual funds, or bonds.
In a notable change from previous disclosures, a residential property valued at Rs 1.1 crore, previously listed under Prime Minister Narendra Modi's movable assets, is absent from his 2024 affidavit. This exclusion highlights a shift in the Prime Minister's declared assets over time, with the property no longer featuring among his financial holdings. Instead, the affidavit reveals that PM Modi holds Rs 52,920 in cash, with fixed deposits amounting to Rs 2.86 crore, all within the State Bank of India. Notably, there are no outstanding loans or dues against him.
As he seeks re-election from the Varanasi Lok Sabha constituency for a third consecutive term, Prime Minister Modi's affidavit offers insights into his financial status ahead of the upcoming election. His decision to contest from Varanasi follows his initial victory in the seat during the 2014 election, marking a continuation of his political journey in one of India's most prominent constituencies.
Rahul Gandhi's assets
In contrast to Prime Minister Narendra Modi's financial disclosure, the narrative surrounding Rahul Gandhi, former president of the Congress party and incumbent MP from Wayanad, Kerala, paints a different picture. Ever since the Congress party's defeat in the 2014 elections, Rahul Gandhi has emerged as a prominent figure in Indian politics, often spearheading criticisms against PM Modi's administration. Among his allegations are irregularities in the Rafale aircraft deal and accusations of improper political donations facilitated through electoral bonds, a practice that was deemed illegal by the Supreme Court earlier this year.
Despite Prime Minister Narendra Modi and Rahul Gandhi championing similar causes through differing approaches, their asset portfolios present a stark contrast. While both leaders have advocated for various social and economic initiatives, the financial disclosures in their respective affidavits reveal significant differences. Rahul Gandhi's affidavits filed for the Wayanad and Raebareli constituencies showcase assets valued at Rs 20.34 crore, which is over six times the worth of PM Modi's assets.
Rahul Gandhi's movable assets, valued at Rs 9.24 crore, encompass various financial instruments, including stock market investments worth Rs 4.3 crore and mutual fund deposits totaling Rs 3.81 crore. Additionally, he maintains a substantial bank balance of Rs 26.25 lakh and holds gold bonds valued at Rs 15.21 lakh. In addition to his movable assets, Rahul Gandhi's immovable assets contribute significantly to his overall financial worth. With immovable assets amounting to Rs 11.14 crore, Rahul's real estate holdings include self-acquired properties valued at Rs 9.04 crore, complemented by inherited assets worth Rs 2.10 crore.
Rahul Gandhi's immovable assets include agricultural land situated in Sultanpur village, Mehrauli, New Delhi, spanning approximately 3.778 acres. Notably, this property is jointly held by Rahul Gandhi and his sister, Priyanka Gandhi Vadra. In addition to his agricultural holdings, Rahul Gandhi's real estate portfolio extends to commercial apartments located in Signature Towers, Gurugram, covering an expansive area of 5,838 square feet.
In his financial declaration for the fiscal year 2022-23, Rahul Gandhi reports a total income of Rs 1.02 crore from various sources, including salary, royalty, rent, interest from bonds, dividends, and capital gains from mutual funds. He holds Rs 55,000 in cash and possesses jewellery valued at Rs 4.2 lakh. However, his liabilities amounts to around Rs 49.7 lakh, with no ownership of residential property.
Corruption and Scams Done by Congress
Coal scam: (2012)
The CAG report on irregularities in auctioning 194 coal blocks has sparked a significant political uproar, with the Congress government facing heavy criticism for allegedly causing a loss of Rs 1.86 lakh crore to the exchequer. Between 2004 and 2011, the Congress government's decision to forgo auctions for these coal blocks resulted in substantial revenue losses. Initially, the potential loss was estimated to be over Rs 10 lakh crore, but the CAG's final report, which excluded PSUs, revised the figure down to Rs 1.86 lakh crore.
2G spectrum scam: (2008)
In 2008, the Congress government issued 122 new telecom licenses to several domestic companies with little or no experience in the telecom sector, using prices set in 2001. This controversial decision, now known as the 2G spectrum scam, is estimated to have caused a staggering loss of Rs 1.76 lakh crore to the government.
Cash Recovered from Congress leader and Rajya Sabha MP Dheeraj Sahu
Recently, In a massive crackdown on corruption, over Rs 351 crore in cash was recovered from several locations linked to Congress leader and Rajya Sabha MP Dheeraj Sahu in Odisha and Jharkhand. The operation, involving more than 30 officers and bank staff, highlighted the extent of alleged illicit activities. The sheer volume of currency required the use of over eight counting machines, with three additional machines ordered to enhance counting capacity due to the overwhelming amount of cash seized.
Conclusion
Amidst the political battlefield of India's general elections, the spotlight once again shifted to the ongoing saga between Rahul Gandhi and Prime Minister Modi. Gandhi, the face of the Congress party, has long criticized Modi's alleged detachment from the struggles of India's impoverished farmers, citing the Prime Minister's opulent lifestyle as evidence. However, recent revelations suggest a different narrative. Despite his vehement accusations, Gandhi finds himself under scrutiny for his own considerable wealth, which has skyrocketed in recent years.
Gandhi's criticism of Modi's expensive attire appears ironic as details of his own affluent lifestyle emerge. While he portrays a modest image, Gandhi has been spotted donning a seemingly simple white shirt valued at a staggering Rs 12,000. This stark contrast raises questions about Gandhi's authenticity and his understanding of the challenges faced by ordinary citizens.
Moreover, Gandhi's financial portfolio has witnessed an astonishing surge of 3583% since 2004, with a remarkable increase of Rs 6 crore in just the past five years alone. These figures are especially notable considering Gandhi's lack of visible profitable ventures, sparking allegations of extravagant spending to bolster the Congress party's dwindling fortunes in the face of the upcoming Lok Sabha elections.
As the political discourse intensifies, the need for transparency becomes paramount. While Gandhi continues to accuse Modi of dubious financial practices, calls grow louder for him to disclose the sources of his own wealth, including any potential ties to influential figures like Adani and Ambani, as hinted by Prime Minister Modi himself. With India's general elections unfolding in seven phases from April 19th to June 1st, 2024, the stakes are high, and the nation eagerly awaits the outcome on June 4th, 2024.
Commentaires