Fixed Deposits and Land Over Stocks: How Modi's Cabinet Ministers Invest Their Wealth

Half of Prime Minister Narendra Modi's Cabinet ministers do not invest in the stock market despite India's longest ongoing bull run reaching 2,370 days. Asset declarations for the financial year 2025-26 show that out of 30 ministers, 8 put their money only in fixed deposits, while 15 invest in the markets, including 5 who also hold mutual funds. Ministers who rely solely on fixed deposits instead of market investments include Defence Minister Rajnath Singh, Health Minister J.P. Nadda, External Affairs Minister S. Jaishankar, and five others. Specific asset disclosures reveal varied financial portfolios across the Cabinet. External Affairs Minister S. Jaishankar holds Rs 5.59 crore in fixed deposits and Rs 50 lakh in Indian Railway Finance Corporation bonds. Health Minister J.P. Nadda declared an SBI fixed deposit worth Rs 7.15 lakh, gold rings valued at Rs 4.5 lakh, and two residential buildings in Himachal Pradesh. Union Home Minister Amit Shah reported Rs 2.23 crore in quoted securities and Rs 3.07 lakh in unquoted securities. Commerce and Industry Minister Piyush Goyal holds Rs 9.70 crore in quoted securities. Asset filings also highlight unconventional assets and diverse holdings among other members. Heavy Industries Minister H.D. Kumaraswamy declared 34 cows and 273 Bannur sheep. MSME Minister Jitan Ram Manjhi declared four cows, three calves, an Ambassador car, and a Scorpio SUV. Women and Child Development Minister Annapurna Devi holds shares in ONGC, SBI, and Reliance, alongside Rs 28.25 lakh in fixed deposits and Rs 80.69 lakh in SBI funds. Meanwhile, ministers like Kiren Rijiju and Virendra Kumar have not declared any stock market investments or fixed deposits at all.