PM Manmohan Singh might be known throughout the world as the man who unleashed India Inc’s ‘animal spirits’ and gave the private sector a prominent role in the economy, but when it comes to his own investments, he seems to prefer to stick to pre-liberalization middle-class favourites — fixed deposits in a public sector bank and post office savings.
In the affidavit filed along with his nomination papers for the Rajya Sabha election on Wednesday, Singh declared that he had no cash in hand but had as many as eight fixed deposits (FDs) in the SBI amounting to Rs 3,35,16,150 (Rs 3.35 crore). Seen together with his affidavit in 2010, it reveals a simple investment strategy — put the money in fixed deposits and reinvest the returns on maturity. The Rs 2.7 crore he had in FDs in 2010 has grown by more than Rs 65 lakh in the last three years.
Singh’s post office savings at the New Delhi GPO, which stood at Rs 6,65,640 in his declaration in 2010, have also grown to Rs 8,26,922.
However, Singh’s immovable assets have not grown. He still has two flats — one in New Delhi and another in Chandigarh, and continues to keep his Maruti 800 car purchased in 1996.
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