If their asset disclosures for the 2014 general elections are anything to go by, not too many of India?s leading politicians invest in the stock markets. You could argue that?s a good thing since ministers spending time tracking the Sensex could bias their decisions, but since several political decisions affect land prices, the same should hold true for holding wealth in the form of land?and many politicians hold their wealth in that form. The BJP?s prime ministerial candidate, Narendra Modi?largely seen as India?s best bet for reforms and industry-led growth?has just R20,000
invested in the market of a total declared wealth of R1.5 crore.
Congress vice-president Rahul Gandhi, who assured the UPA?s support for industry and growth just months ago at a Ficci event, holds a little over R83 lakh in bonds/shares/debentures/mutual funds of his total declared wealth of over R8 crore. The two largest chunks in his assets are R6.9 crore, listed as loans/advances given in personal capacity and, a farmhouse worth R1.3 crore in the national capital, jointly owned with sister Priyanka Vadra.
Telecom minister Kapil Sibal has a little over R6 crore of his total declared assets of over R114 crore in equity while the bulk, R101 crore, is in immovable property. Surprisingly, Yogendra Yadav of the AAP seems to have put his faith in market-led growth, at least when it comes to his own wealth, having put R71 lakh of his R2 crore in the market through pension funds. There are, of course, the Nilekanis and Balakrishnas who have most of their wealth in equity and industrialist politicians like Naveen Jindal who have their wealth in their holdings of shares of the companies they own.