The chairman and managing director of Reliance Industries and Reliance Retail, Mukesh Ambani, praised Prime Minister Narendra Modi for fulfilling his pledge to give the Indian people a historic “Diwali Gift” on Thursday and praised the second-generation reforms of the GST rates.
According to Mukesh Ambani, the rationalization of the GST is a step in the right direction toward cutting inflation, simplifying corporate operations, increasing consumer spending in the retail industry, and making goods and services more affordable for customers.
“This will significantly accelerate India’s economic expansion. He said, “The new reforms have the potential to accelerate the economy even further, bringing the growth rate closer to double digits, given that the GDP growth rate reached 7.8% in the first quarter of this fiscal year.”
An important turning point in India’s consumption history is the rationalization of the GST.
Every player in the retail value chain, including farmers, MSMEs, producers, suppliers, kiranas, and end users, will benefit from opportunities created by cost reduction, inflation control, increased efficiency, and the ability to grow.
“The new GST regime is a transformative step that brings relief to household budgets and simplifies compliance for the industry, creating a unique win-win for both consumers and businesses,” stated Isha Ambani, Executive Director, Reliance Retail Ventures.
“From Day 1 across all of its consumption baskets, Reliance Retail is committed to passing on the full benefit of the new GST regime to customers,” she continued.
The government’s explicit goal to facilitate business transactions and advance consumer welfare is reflected in the GST revisions.
“Reliance Retail is totally dedicated to making sure that the full benefits of this change are communicated to our customers in a clear and timely manner. Our commitment is straightforward: whenever expenses decrease, our clients must benefit financially,” Isha said.
According to Reliance Retail, it is dedicated to ensuring that the 1.4 billion people of India get the full benefits of reform and contribute to the development of a more competitive, inclusive, and reasonably priced consumption economy.
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