“Diwali Gift” For Consumers: Ambani Hails GST Overhaul As Major Boost To Your Pocket

Billionaire Mukesh Ambani on Thursday welcomed India's second-generation Goods and Services Tax (GST) reforms, calling them a significant boost to consumption-driven economic growth. His firm, Reliance Industries Ltd, also promised to pass the benefits of the tax cut directly to consumers.

A 'Diwali Gift' to Consumers

Ambani, chairman and managing director of Reliance Industries, congratulated Prime Minister Narendra Modi for fulfilling 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.”

According to Ambani, the reforms are expected to serve as a major catalyst for 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 added.

Reliance Retail Committed to Passing Benefits to Consumers

Isha Ambani, executive director at Reliance Retail Ventures Ltd, highlighted how the reforms would directly benefit households and simplify compliance for businesses.

“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 said.

She further emphasised the company's commitment to transparency, stating,“Our pledge is simple: whenever costs go down, our customers must get the benefit in their wallets.”

Boosting Consumer Confidence

The Ambanis believe that the GST reforms reflect the government's clear intent to improve the ease of doing business while promoting consumer welfare. A company statement said that as India's consumption story continues to grow, the reforms are likely to strengthen consumer confidence, ensuring that Reliance Retail continues to deliver value, quality, and accessibility to millions of households.

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