Reliance contribution to government exchequer swells to Rs 1.86 trillion in 2023-24

Mumbai (Maharashtra) [India], August 7 (ANI): Corporate major Reliance Industries in its annual report released on Wednesday revealed that it contributed Rs 186,440 crore to the national exchequer in 2023-24 through various taxes and duties.

Considering the government’s budgeted expenditure target of Rs 48.21 lakh crore for 2024-25, the conglomerate estimated that its contribution is sufficient to fund 3.86 per cent of it.

This is greater than the government’s planned spending for agriculture, budgeted at Rs 1.52 lakh crore for 2024-25.

This is the sixth straight year when the conglomerate’s contribution to the national exchequer crossed Rs 1 lakh crore mark.

Cumulatively, its contribution of the last seven years from FY18 to FY24 has now crossed Rs 10 lakh crore.

Reliance is the first Indian listed company to cross the Rs 20,00,000 crore milestone in market valuation, with market capitalization of Rs 20.1 lakh crore as on March 31, 2024.

Reliance is also the first Indian company to cross Rs 10,00,000 crore milestone in consolidated revenues. Its net profit for the year 2023-24 stood at its record high level of Rs 79,020 crore.

RIL’s exports for the year 2023-24 was Rs 2,99,832 crore (USD 35.9 billion)

Reliance is an innovation-led organisation, which is emerging as a net technology creator. It significantly increased R&D spend in FY2024 as its in-house technology development accelerated.

Reliance spent over Rs 3,643 crore in FY24 towards R&D. This was 21 per cent higher than the R&D spending of Rs 3,001 crore in FY23.

RIL has raised its annual R&D spend by more than Rs 1,000 crore in just two years from Rs 2,608 crore in FY22.

The results showed up in the Intellectual Properties created. As per the annual report, Reliance and Jio filed 1,301 patent applications, and were granted 236 patents during FY2023-24. This was a significant jump from 171 patent applications filed and 141 patents granted during FY23.

During the year 2023-24, RIL spent Rs 1,592 crore on CSR activities through Reliance Foundation, up 25 per cent year-on-year. This took RIL’s three-year tally of social spending above Rs 4,000 crore – highest among India Inc.

“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,” mentioned Reliance’s Chairman and Managing Director, Mukesh Ambani in his letter to shareholders.