Mumbai, Sep 4 (IANS) Mukesh Ambani, Chairman and Managing Director of Reliance Industries and Reliance Retail, on Thursday welcomed the second-generation reforms of the Goods and Service Tax (GST) rates, congratulating Prime Minister Narendra Modi for delivering on his promise of a historic “Diwali Gift to the people of India”.

Mukesh Ambani said that 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 per cent 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,” he mentioned.

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.

Isha Ambani, Executive Director, Reliance Retail Ventures, 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,” she 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,” Isha noted.

Reliance Retail said it is 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.

—IANS

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