New Delhi [India], August 14 (ANI): Union Civil Aviation Minister Jyotiraditya Scindia while expressing his condolences to departed Rakesh Jhunjhunwala said he was a symbol of India's entrepreneurial spirit.

"He was a symbol of India's entrepreneurial spirit. I believe the things he had achieved and established will be a source of inspiration for thousands of youth," Scindia told ANI.

Ace stock market investor and owner of India's newest airline Akasa Air Rakesh Jhunjhunwala often referred to as India's own Warren Buffet passed away at the age of 62 in Mumbai.

He was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai.

"Sh Rakesh Jhunjhunwala Ji was not only an astute businessman but also passionately invested in India's growth story. He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family and loved ones," Scindia earlier tweeted.

Akasa Air took off to Indian skies just earlier this month.

Remembering the inauguration of Akasa Air that was held on August 7, Scindia said he had no idea how much difficulties Jhunjhunwala was undergoing through.

Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.

A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, "I say I'm prepared for failure."He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

"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," prime minister Modi earlier tweeted.

"His passing away is saddening. My condolences to his family and admirers. Om Shanti." (ANI)