MC Interview: Invest in Modi for multi-fold returns; Cong poll guarantees have no impact, says Tejasvi Surya

Bengaluru South BJP candidate Tejasvi Surya

Tejasvi Surya, BJP’s sitting MP, youth leader and the party's Bengaluru South candidate, is contesting his second election.

After a strenuous campaign, he's back at his residence in Girinagar, south Bengaluru. His house is bustling with party members from across the constituency. This time, Surya is up against Congress candidate and former Jayanagar MLA, Sowmya Reddy, who is also the daughter of the state transport minister Ramalinga Reddy. Surya sat down with Moneycontrol for a free-wheeling chat.

Excerpts:

What would you say are your achievements as an MP?

The Bangalore Political Action Committee (BPAC), an NGO, recently rated me as the top-performing MP based on various metrics such as questions asked, debates participated in, and MPLADS (Members of Parliament Local Area Development Scheme) utilisation. In Parliament, I've raised critical issues such as advocating for central government examinations to be conducted in regional languages, including Kannada.  I actively participate in debates on crucial bills. I've played a key role in expediting infrastructure projects, including the completion of the entire Purple Line of the Metro and obtaining approval for the Blue Line (ORR-Airport) as well as appointment of a full-time Managing Director for the Metro rail.

I've worked to improve Bengaluru's infrastructure and monitor the implementation of welfare schemes. Our constituency now boasts the highest number of Jan Aushadhi Kendras - 14 in 2019 to 132 now, benefiting over 2 lakh customers every month. I've also addressed unique challenges faced by our electorate, such as bank fraud (Sri Guru Raghavendra Co-op Bank) and controversial real estate projects (Mantri Serenity) with the assistance of the Central government.

Also, read: Palace to politics: Mysuru royal family scion to contest on BJP ticket; two sitting Bengaluru MPs retained

Your opponents claim that you turned active in your constituency only over the last two years...

My first intervention in Parliament in 2019 was regarding the Bengaluru suburban rail, and there was no election at that time.

I've held multiple meetings with Union ministers and senior officials in New Delhi to expedite the launch of the Metro's Purple Line (Byappanahalli- Whitefield), for the approval of the Blue Line (ORR-Airport Metro) and suburban rail project. I also met the American ambassador and others to discuss the establishment of a US consulate in Bengaluru.

In fact, leadership is always tested during times of crisis. During COVID-19, I was present in ICUs and general hospitals, helping provide oxygen and overseeing the construction of oxygen PSA (pressure swing adsorption) tanks for the public.

We exposed black market activities on hospital beds, leading to 16 arrests. We installed a software to make the system more transparent and established the largest oxygen concentrator bank in the country at our MP office. Utilising startup delivery partners in Bengaluru, we launched the country's first WhatsApp-enabled service, benefiting over 80,000 citizens with ration and medicine deliveries to their doorsteps. In just 30 days, we renovated four defunct hospitals and added 350 ICU beds.

Every day, in the past five years, I have been on the ground, either advocating the city's interests or working directly with the people, championing their cause.  I am confident that the people of Bengaluru South will elect me with an even greater margin this time.

Two Phase 3 Metro corridors totalling 44.6 km -- the JP Nagar 4th Phase-Kempapura stretch along ORR West (32.1 km) and Hosahalli-Kadabagere line along Magadi Road (12.5 km) -- have been pending before the Union government since November 2022…

My priority, once Modi 3.0 comes to power, will be to get approval for these two Metro Phase 3 corridors and 3A (Sarjapur-Hebbal). In fact, Public Investment Board (PIB) meeting was scheduled to approve Metro Phase 3, however, it was postponed due to Election Model Code of Conduct (MCC). As soon as the new government takes office, I will prioritise this.

Do you think the Congress’ guarantees will affect the performance of the BJP in Karnataka?

People realise that this is a national election, where they are voting to choose the country's Prime Minister and to decide on national issues. Congress guarantees are very state-specific and are not relevant to Parliament elections. People are looking at electing the country's leader.

While the BJP offers a clear leadership of Narendra Modi, the opposition remains faceless and leaderless, and voters are prioritising national perspectives. State-specific issues like Congress guarantees will not influence the election outcome. We are very confident of victory with a significantly larger margin, compared to the previous elections.

Also, read: After five poll guarantees, Karnataka to hire private consultant to increase tax collection & plug leakages

What is your vision for Bengaluru?

Since being elected at the age of 28, over the past five years , I've gone through a steep learning curve and have gained significant experience. We've launched several major infrastructure projects in Bengaluru, with a particular focus on the suburban rail project.

The Comprehensive Mobility Plan (CMP) for Bengaluru promises 317 km of Metro connectivity, and I believe in the importance of the Metro as a solution to decongesting the city. We will prioritise completing Metro's three crucial corridors - Yellow, Blue and Pink  as well as Phase 3 as soon as possible, while also expanding the metro rail network to other parts of Bengaluru.

We also plan to complete the Satellite Town Ring Road (STRR), of which 80 km have been completed, and the remaining work is on. Indian Railways has proposed a circular ring railway, and though it is still in the early stages, we will try to expedite this project.

I also want collaborate with the BBMP and the state government on long-term solutions for the city's water problem.

Cities like Bengaluru attract a large number of migrants. Around 14,000 houses have been sanctioned under Pradhan Mantri Awas Yojana in Bengaluru South, and 5,000 of them are already constructed. We will continue to increase this number in the coming years as urban housing remains a concern.

The Congress-led Karnataka government has accused the Union government of denying the former its fair share of taxes. What is your response?

I wish they had made this argument based on facts. Compared to the 10 years of the UPA government, the 10 years of the Modi government have seen a 258 percent increase in the devolution of taxes to Karnataka. Whether it is the railway budget or investments in physical infrastructure, the state has significantly benefited from the Union government's support.

On GST dues, every penny owed to Karnataka has been paid by the central government. In terms of drought relief, under the UPA government, we received only 8 percent of the requested amount, whereas under the Modi government, we have received around 38 percent. Karnataka's allocation under the Modi government far exceeds what it received during the UPA era. The accusations by the Congress are unfounded and they are a mere propaganda, aimed at diverting attention from their shortcomings.

How do you evaluate the performance of the state government and its impact on Bengaluru?

The state government is deliberately pushing the state towards bankruptcy, with the full knowledge that irresponsible fiscal policies will lead to this outcome. By proposing Metro rail extensions to Chikkaballapur, Anekal, Hoskote and Ramanagara, they are defeating the purpose of the Metro rail system. I'm not suggesting that there shouldn't be mass rapid rail solutions for these places. Suburban rail expansion and circular ring rail are viable options.

A Metro system should primarily focus on decongesting the urban core of the city.  What is the rush in making statements about expanding the Metro rail before completing the 317 km as per the Comprehensive Mobility Plan? This will only benefit a few real-estate developers in those areas. Proposals like tunnel roads are not made to decongest the city but rather to help the Congress party's political economy.

Your total assets have increased by 30 times over the last five years, from Rs 13.46 lakh to Rs 4.10 crore...

Over the past five years, alongside my duties as an MP, I have also been practising as a lawyer and I am the founder of a law firm in Bengaluru, earning a salary from it. I do not own any gold, immovable property, vehicles, or other movable assets because all my investments are in the capital markets. Through systematic investments in the capital markets via SIPs, mutual funds, and stocks, I've received good returns due to the robust economy.

Over the last five years, thanks to the soaring capital markets and a burgeoning economy, returns have multiplied significantly, benefitting investors all over the country. I am one of those investors who have benefited from this flourishing economy.

The primary driver behind these substantial returns in stock values and mutual funds is the good governance and rapid growth of the Indian economy under Prime Minister Narendra Modi. If anyone is looking for investment advice from me, I would recommend investing in Modi for multi-fold returns.

Your portfolio is diverse, comprising Rs 1.99 crore invested across 26 different mutual funds.

I started investing in 2019 and am still in the learning phase. I monitor stock performance for insights into the economy. It's also a reflection of how the country's economy is performing. As a political activist and parliamentarian, staying informed about the nation's economic status is important.

Many Twitter users, now X, have advised me to streamline my mutual fund holdings and offered stock tips, which I'm considering. A year ago in the Parliament, I advocated for the inclusion of financial literacy in school and college curricula to empower youth towards financial independence.

In December 2023 alone, 42 lakh demat accounts were opened, indicating a surge of young investors, like myself, into the capital markets. Currently, there are a total of 15 crore demat accounts in the country. My only regret is not entering the market sooner, as compounding works best with long-term investments.

Also, read: BJP MP Tejasvi Surya's assets jump 30-fold in 5 years: Report