Billionaire Mukesh Ambani on Thursday termed the second-generation GST reforms as a big booster to consumption-driven growth while his firm promised to pass on the benefit of the cut in tax rates to consumers.
Photograph: ANI Photo
Ambani, chairman and managing director of Reliance Industries Ltd, which owns the country’s biggest retailer, welcomed India’s second-generation reforms of the Goods and Services Tax (GST) rates.
Congratulating Prime Minister Narendra Modi for delivering on his promise of a historic “Diwali Gift to the people of India”, he said, “The GST rationalisation is a progressive step towards making products and services more affordable for consumers, easing operational complexity of doing business, lowering inflation and driving consumption growth across the retail sector.”
It will serve as a big booster to India’s economic growth.
“With the GDP growth rate having reached 7.8 per cent in the first quarter of this financial year, the new reforms have the potential to accelerate the economy even further, raising the growth rate closer to double digits,” he said.
His daughter and executive director at Reliance Retail Ventures Ltd, Isha said, “The new GST regime, as a transformative step, brings relief to household budgets and simplifies compliance for the industry, creating a unique win–win for both consumers and businesses.
“Reliance Retail is committed to pass on the entire benefit of the new GST regime to customers from Day 1 across all its consumption baskets.”
GST reforms reflect the government’s clear intent to improve ease of doing business and promote consumer welfare, she said, adding that Reliance Retail is fully committed to ensuring that the entire benefit of this reform reaches our customers transparently and without any delay.
“Our pledge is simple: whenever costs go down, our customers must get the benefit in their wallets,” she added.
As India’s consumption story continues to grow, this development strengthens consumer confidence.
Reliance Retail remains committed to bringing value, quality, and accessibility to millions of households, a company statement said.
