Rakesh Jhunjhunwala Awarded Padma Shri Posthumously

Late billionaire investor Rakesh Jhunjhunwala was posthumously awarded the Padma Shri award for his contributions in the field of trade and industry. Nicknamed India’s own Warren Buffet, Jhunjhunwala died last year in Mumbai. He was 62.

The award was presented in a ceremony at Rashtrapati Bhavan in the national capital. Family members of the late investor attended the ceremony and his wife Rekha Jhunjunwala received the award from President Droupadi Murmu.

Jhunjhunwala, a chartered accountant from the northern state of Rajasthan, began investing in the stock market while he was still in college, starting off with capital of just 5,000 rupees ($63).

He went on to establish and manage RARE Enterprises, an asset management firm. As his net worth steadily rose, he became one of India’s richest men with investments in some of the country’s biggest companies.

In his latest venture, he teamed up with two Indian airline CEOs to launch the low-cost Akasa Air, which took its first flight last week. Jhunjhunwala was seen at the launch in a wheelchair.

Also called the Big Bull of the country’s Bombay Stock Exchange, Jhunjhunwala was known for taking risks in the market and in his investments.

In an interview with news channel CNBC-TV18, Jhunjhunwala had said despite the unfavorable economic conditions across the world, the Indian market will grow, but at a slower pace.

Meanwhile, Padma Awards were also given to former Karnataka chief minister S M Krishna, noted industrialist Kumar Mangalam Birla and famous playback singer Suman Kalyanpur.

The President had approved the conferment of 106 Padma awards, including three duo cases (in a duo case, the award is counted as one), on the eve of this year’s Republic Day.

Of these, over 50 people were awarded Padma Vibhushan, Padma Bhushan and Padma Shri on Wednesday.

The Padma Awards are one of the highest civilian honours of India announced annually. The Awards are given in three categories: Padma Vibhushan (for exceptional and distinguished service), Padma Bhushan (distinguished service of higher order) and Padma Shri (distinguished service).

The award seeks to recognise achievements in all fields of activities or disciplines where an element of public service is involved.

(With agency inputs)

Read all the Latest Business News here