Reliance Industries Ltd. Chairman and MD Mukesh Ambani has praised Prime Minister Narendra Modi for his early Diwali gift to India with the announcement of second-generation reforms of the Goods and Service Tax (GST) reforms.

“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,” said Mukesh Ambani in a statement on Thursday.

Calling these reforms as a booster shot for India’s consumption-driven economy, he anticipates that the reforms will help the country achieve a double-digit growth rate.

“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,” he added.

Echoing his views, Isha Ambani, Executive Director, Reliance Retail Ventures Ltd., added that reforms usher in a win-win era for consumers and 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,” she said.

“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,” she added, suggesting that the GST benefits will be extended to the company’s consumers.

As costs decline for consumers, inflation is expected to remain under check, the company said in its press note, adding that improved efficiency and broader scale for businesses will pave way for better opportunities for every stakeholder in the retail value chain, including farmers, MSMEs, producers, suppliers, kiranas and the end-consumers.