Modi 3.0 Cabinet: Out of the 71 ministers analyzed, 70, or 99 per cent, are crorepatis. Their average assets stand at ₹107.94 crore. Six ministers have declared assets worth more than ₹100 crore, an ADR report said.
List of billionaires: 99 % Crorepatis in Modi 3.0
Pemmasani Chandra Sekhar, the richest minister in the cabinet, is the Minister of State for Rural Development and Communications.
Pemmasani is also the richest candidate to win the Lok Sabha election 2024. Pemmasani has declared assets worth ₹5,705 crore, according to poll affidavits analysed by the Association of Democratic Reforms.
He represents the Guntur constituency in Andhra Pradesh and is associated with the Telugu Desam Party (TDP).
Jyotiraditya M. Scindia, a Union Minister for Communications, in PM Modi 3.0, boasts assets valued at ₹425 crore.
H D Kumaraswamy of JD(S) owns assets worth Rs 217 crore. He is Minister of Heavy Industries; Minister of Steel in Modi 3.0.
Ashwini Vaishnaw (BJP) has assets worth ₹144 crore. Ashwini Vaishnaw assumed charge as Minister of Railways for the second time
Rao Inderjit Singh (BJP) has assets worth ₹121 crore. Rao Inderjit Singh, the Gurgaon MP, is the Minister of State (Independent Charge) for Statistics, Planning and Culture.
Piyush Goyal allotted commerce ministry portfolio in Modi cabinet 3.0. Goyal has assets worth ₹110 crore.
Pemmasani and Scindia were the only two to be sworn in as ministers among the top 10 richest winners in the Lok Sabha polls, according to a Moneycontrol report.
These ministers hold significant wealth, contributing to the overall financial diversity within the cabinet.
PM Modi 3.0 Cabinet
The new council of ministers led by PM Modi has 61 members from the BJP and 11 leaders from the NDA allies. Of the 72 ministers, 43 have three or more terms in the Parliament, and 39 were ministers in the Union government earlier.
ADR (Associated Democratic Reform), an election monitor, has found that up to 28 ministers in the 72-member Union Council of Ministers led by Prime Minister Narendra Modi have filed criminal complaints against themselves.
According to the ADR research, 19 ministers have declared significant criminal cases, including ones involving murder attempts, kidnappings, and crimes against women.
In a massive event held on Sunday at Rashtrapati Bhavan, Prime Minister Narendra Modi and 71 ministers from the BJP-led National Democratic Alliance (NDA) government took an oath of office.
Eleven leaders of the NDA’s allies also took the oath of office on Sunday, and the BJP has retained the majority of its top ministries. On June 10, the portfolios were distributed.
Trend of billionaires entering politics
The trend of billionaires entering politics has increased in recent years, with successful business leaders running for government positions in various countries around the world, including India. This phenomenon, known as the “billionaire minister trend,” reflects the belief that individuals with wealth and resources can use their expertise to benefit society and make a positive impact in politics.
Moreover, many billionaires have the financial resources to fund campaigns and gain access to political networks, giving them an advantage in the political arena.
Some examples of billionaire ministers include Elon Musk, Jeff Bezos, and Bill Gates. This trend has raised concerns about the potential for conflicts of interest and the concentration of power in the hands of a few wealthy individuals.
Implications of billionaire politicians are multifaceted and can significantly impact political landscapes. Billionaire politicians wield immense power, but their impact can be both positive and negative, depending on their motivations and policies.
The rise of billionaire politicians can exacerbate income inequality. Their policies may favor the wealthy, leaving marginalized communities behind. This can widen the gap between the rich and the poor.
