Shillong, August 6: Reliance India Limited (RIL) witnessed a remarkable surge in exports for the fiscal year 2022-2023, reaching Rs 3,40,048 crore (US$ 41.4 billion). This marked a significant increase of 33.4 percent compared to the previous fiscal year’s exports of Rs 2,54,970 crore (US$ 33.6 billion), as stated in the annual report.
IANS reported that the rise in exports was primarily driven by higher price realizations, despite experiencing lower downstream product volumes during the same period. Notably, India’s overall merchandise exports for FY23 exceeded $447 billion, with Reliance’s exports constituting 9.2 percent of the country’s total merchandise exports.
As one of India’s major contributors to the national exchequer, Reliance Industries demonstrated its significance by crossing Rs 5 lakh crore in consolidated contributions during the three-year period from FY21 to FY23. In FY23, Reliance contributed Rs 177,173 crore to the national exchequer, slightly lower than the previous year’s Rs 188,012 crore.
The company’s commitment to tax payments continued, as it remained the largest taxpayer in India, contributing Rs 1,77,173 crore in various direct and indirect taxes, as mentioned in the annual report. This contribution accounted for over 5 percent of the Union government’s budgeted expenditure for the past three years.
RIL issued its Annual Report for FY23 on Saturday, ahead of its Annual General Meeting scheduled for Monday, August 28, 2023. The report covered the progress achieved across all business verticals, including Retail, Digital Services, O2C and E&P, and outlined the company’s intentions in the Green Energy sector.