GST Reforms: A Boost to India's Consumption-Driven Growth

Mukesh Ambani lauded India's second-generation GST reforms, describing them as a significant catalyst for consumption-driven growth. Ambani, as chairman of Reliance Industries Ltd, which operates the nation's largest retail chain, announced the company's commitment to passing on tax rate reductions to consumers.

He applauded Prime Minister Narendra Modi, affirming the GST rationalization as a crucial step in making goods more affordable, reducing business complexities, and stimulating retail sector growth. These reforms are expected to further propel India's GDP, potentially raising growth closer to double digits.

Echoing similar optimism, his daughter Isha Ambani, executive director of Reliance Retail Ventures Ltd, emphasized the regime's impact in easing household budgets and simplifying industry compliance. She assured that Reliance Retail would ensure customers benefit transparently from day one, reinforcing consumer confidence and bolstering economic growth.

(With inputs from agencies.)