For arguments sake lets assume this is true. The Indian government allowing some large corporate entity to operate its own blockchain/crypto isnt really a huge victory for the industry. Depending upon how his coin is distributed it may well be entirely centralized/controlled by Jio, in which case its just a glorified coupon system. The impact/effectivness of something like this (if it is true) will depend entirely upon Jio creating a distribution/governance system transparent and distributed enough so as to allow development of the crypto to happen organically, so it may be more than just virtual Jio coupons.