Reliance Industries Contributes Rs 186,440 Crore to India’s Budget in 2023-24
In its annual report, Reliance Industries revealed that it contributed Rs 186,440 crore to the national exchequer in 2023-24 through various taxes and duties. This amount is enough to fund 3.86% of the government’s budgeted expenditure for 2024-25, which is Rs 48.21 lakh crore. This contribution is greater than the government’s planned spending for agriculture, which is Rs 1.52 lakh crore for 2024-25.
This marks the sixth consecutive year that Reliance’s contribution to the national exchequer has exceeded Rs 1 lakh crore. Over the last seven years, from FY18 to FY24, the company’s total contribution has surpassed Rs 10 lakh crore.
Reliance is the first Indian listed company to achieve a market valuation of Rs 20.1 lakh crore as of March 31, 2024. It is also the first Indian company to reach Rs 10 lakh crore in consolidated revenues. The company’s net profit for 2023-24 was a record Rs 79,020 crore, and its exports for the year amounted to Rs 2,99,832 crore (USD 35.9 billion).
Reliance has significantly increased its R&D spending, investing over Rs 3,643 crore in FY24, a 21% increase from Rs 3,001 crore in FY23. The company filed 1,301 patent applications and was granted 236 patents in FY2023-24, a significant increase from the previous year.
Reliance also spent Rs 1,592 crore on CSR activities through Reliance Foundation in 2023-24, a 25% increase from the previous year. Over the past three years, the company’s social spending has exceeded Rs 4,000 crore, the highest among Indian companies.
Reliance’s Chairman and Managing Director, Mukesh Ambani, expressed pride in the company’s contributions to India’s growth, stating, “It is this spirit of India and Indians that inspires Reliance to innovate relentlessly and excel in every venture. It is a matter of immense pride for the Reliance Family to be a part of India’s growth story and contribute to its meteoric rise.”
Doubts Revealed
Reliance Industries -: Reliance Industries is a big company in India that does many things like making oil, gas, and running stores. It is one of the largest companies in India.
Rs 186,440 crore -: Rs 186,440 crore is a very large amount of money. One crore is equal to 10 million, so this is a huge contribution to the country’s budget.
National exchequer -: The national exchequer is like a big piggy bank for the country. It holds all the money that the government collects and uses to run the country.
Market valuation -: Market valuation is the total value of a company based on its stock price. It shows how much the company is worth in the stock market.
Net profit -: Net profit is the money a company makes after paying all its expenses. It’s like the leftover money after you buy everything you need.
R&D spending -: R&D stands for Research and Development. It means spending money to create new products or improve existing ones.
Patent applications -: Patent applications are requests to protect new inventions. If approved, no one else can use the invention without permission.
CSR activities -: CSR stands for Corporate Social Responsibility. It means companies spend money to help the community, like building schools or hospitals.
Mukesh Ambani -: Mukesh Ambani is the chairman of Reliance Industries. He is one of the richest people in India and leads the company.