GST rationalisation a big booster to consumption-driven growth: Mukesh Ambani

RIL Chairman Mukesh Ambani

Reliance Industries Chairman and Managing Director Mukesh D Ambani on Thursday welcomed the government’s second-generation Goods and Services Tax (GST) reforms, calling them a “progressive step” that will benefit consumers and spur economic growth.

Congratulating Prime Minister Narendra Modi for delivering on what he termed a “Diwali gift to the people of India”, Ambani said the rationalisation of GST rates will make products and services more affordable, lower inflation, simplify compliance, and drive consumption-led growth.

Mukesh D 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 accelerate the economy even further, raising the growth rate closer to double digits.”

Reliance Retail Executive Director Isha Ambani described the reform as a “transformative step” that brings relief to household budgets while easing compliance for businesses. She said the company would pass on the full benefit of the tax cuts to customers across all consumption baskets from the very first day.

Ms 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 Ambanis said the GST overhaul will not only strengthen consumer confidence but also create opportunities across the retail value chain — from farmers and MSMEs to producers, suppliers, kiranas and end-consumers.

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.