Mumbai (Maharashtra) [India], September 4 (ANI): Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited and Reliance Retail, India's largest retailer, on Thursday welcomed the Government of India's second-generation reforms of the Goods and Service Tax (GST) rates that will serve as a 'big booster to India's economic growth.'

Congratulating Prime Minister Narendra Modi for delivering on his promise of a historic 'Diwali Gift to the people of India', Mukesh Ambani 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. This will serve as a big booster to India's economic growth. With GDP growth rate having reached 7.8% 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.'

Isha Ambani, Executive Director, Reliance Retail Ventures Limited, 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.'

Ambani added, 'The GST reforms reflect the Government's clear intent to improve ease of doing business and promote consumer welfare. Reliance Retail is fully committed to ensuring that 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.'

The GST rationalisation marks a defining moment in India's consumption journey. By reducing costs, keeping inflation in check, improving efficiency, and enabling greater scale, this will create opportunities for every stakeholder in the retail value chain, including farmers, MSMEs, producers, suppliers, kiranas and the end-consumers, a release said.

Reliance Retail is proud to be at the forefront of this transformation, committed to passing on entire benefit of reform to India's 1.4 billion people and helping shape a more inclusive, competitive, and affordable consumption economy, the company said in a release.

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, it said.

Reliance Industries Limited (RIL) is India's largest private sector company, with a consolidated revenue of INR 10,71,174 crore (USD 125.3 billion), cash profit of Rs 1,46,917 crore (USD 17.2 billion) and net profit of Rs 81,309 crore (USD 9.5 billion) for the year ended March 31, 2025. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail, digital services, and media and entertainment.

Currently ranked 88th, Reliance is the largest private sector company from India to be featured in Fortune's Global 500 list of 'World's Largest Companies' for 2025. (ANI)