Its not the matter of richest man building palatial houses. In fact, Reliance has added a lot of value to the Indian economy.
Food and Oil inflation is not the prime issue, the main issue is housing. The land is way too expensive and people do not make enough money to support these price levels. Houses in the US are much more affordable than in India.
India has pegged their currency to $ and they therefore have a very lose monetary policy, they need to let the currency appreciate.
The only thing that the Indian policy makers care about is the Infosys and Wipros of India. They are not confident that once the Indian wages get more pricy, they will be able to get the business from US and EU.