# Rakesh Jhunjhunwala turned Rs 1 crore into Rs 20 crore after 1989 Budget 2026-08-16T10:25:40+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Ace investor Rakesh Jhunjhunwala multiplied his net worth from Rs 1 crore to Rs 20 crore overnight after the 1989 Union Budget, the Economic Times reports. The 29-year-old went all-in on stocks, especially Sesa Goa, while Dalal Street panicked ahead of the new VP Singh government's first budget under Finance Minister Madhu Dandavate. Jhunjhunwala bet that Singh, who had previously cut taxes and abolished estate duty, would deliver a pro-growth budget. The budget proved surprisingly rational, sparking a sharp rally. Jhunjhunwala's leveraged bets paid off exponentially, with his wealth eventually swelling to nearly Rs 50 crore in the following months. Recalling the episode, Jhunjhunwala said he staked his life on that budget. He bought an air conditioner for his wife with the gains. Jhunjhunwala, who started with Rs 5,000, died of cardiac arrest in August 2022 at age 62. ## Coverage - economictimes.indiatimes.com This story was synthesised by AI from the source linked above. Tags: Rakesh Jhunjhunwala, Sesa Goa, VP Singh Canonical: https://indianopinion.org/rakesh-jhunjhunwala-turned-rs-1-crore-into-rs-20-crore-after-1989-budget/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rakesh-jhunjhunwala-turned-rs-1-crore-into-rs-20-crore-after-1989-budget/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/