Billionaire stock market investor Rakesh Jhunjhunwala died in Mumbai on Sunday morning following a cardiac arrest. Jhunjhunwala was suffering from multiple health issues.
He had been undergoing treatment for multiple health issues including kidney ailment, as per reports. He was last seen at the launch event of Akasa Air. He also had stakes in the country's leading listed companies like Titan, Aptech, Lupin, Federal Bank, Tata Motors and Nazara technologies among others.
With a net worth of $5.5 billion as of July 2022, Jhunjhunwala was ranked the 36th richest man in India. Apart from being a stock market maverick, Jhunjhunwala also owned several ventures including the newly launched Akasa Air.
Better known as big bull in stock market circles Jhunjhunwala was always bullish about India's stock market and economic growth.
Last year in October, Jhunjhunwala met Prime Minister Narendra Modi and shared his bullish views on India. According to reports Jhunjhunwal then said that “India ka time aa gaya” and the country's economic fortunes are set to change beyond imagination.
Despite the fact that Indian economy was going through tough times during Covid, when unemployment was in double digits and inflation was rising, Jhujhumwala maintained his bullish view on India. He said that changes like digitization, Insolvency and Bankruptcy Code (IBC), RERA, GST farm bills, labour laws, mining and power sector reforms and digital economy will lead the way for growth.
According to The Economic Times report Juhunjhunwala in his presentation to PM Modi suggested that India's per capita income could exceed $6,000 per person by 2030.
“A confident India under a charismatic leader looks forward to its rightful destiny as a global superpower,” Jhunjhunwala said.
Jhunjhunwala also suggested that India's divestment commission should comprise of capable bureaucrats, reputed businessmen, and veterans from the capital market.
Meanwhile, condoling his sudden demise, Prime Minister Narendra Modi said, "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti."