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'Honest govt always have money to spend, we have by giving relief of Rs 2 lakh crore via GST reforms': Piyush Goyal
Union Minister Piyush Goyal's interview with Network18 Managing Director and Group Editor-in-Chief, Rahul Joshi, comes just a day after the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved sweeping changes to India’s indirect tax structure.
“An honest government will always have money to spend, like we have by giving relief of ₹2 lakh crore in one shot via GST reforms,” he noted.
India's Minister of Commerce and Industry Piyush Goyal talks about the Indian economy in an exclusive conversation with Network18 Group Editor-in-Chief Rahul Joshi, his first interview after the GST rationalisation and the release of Q1 GDP data. The conversation comes just a day after the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved sweeping changes to India’s indirect tax structure. Effective September 22, GST will operate on a simplified two-tier system of 5% and 18%, while a 40% levy will remain on luxury and sin goods. Goyal talked about the Centre’s GST Diwali Bonanza for the Indian middle class, US tariffs, and India’s GDP growth.
Goyal urged industry leaders to pass on the benefits to consumers while also promoting swadeshi goods. “Higher demand leads to more manufacturing. The multiplier impact of GST cuts will give India a big boost,” he said, adding that he sees government revenues rising, not falling, despite the reforms.
He highlighted sector-specific gains, pointing out that the cut in GST on cement from 28% to 18% will lower real estate costs and make home ownership more affordable. Similarly, the removal of GST on health and life insurance premiums would directly ease household budgets. “Consumers are in for significant gains due to GST reforms, and I am very sure of that,” he said.
Goyal asserted that India remains on track to become the world’s third-largest economy by 2027, powered by consumption, investment, and job creation. “An honest government will always have money to spend, like we have by giving relief of Rs 2 lakh crore in one shot via GST reforms,” he noted.
Goyal said that the Centre will support them in dealing with steep US tariffs, which he described as a “temporary blip” in otherwise strong bilateral relations. He emphasized that India is diversifying into newer markets, with exports to the US already crossing $40 billion in the April–August period.
The minister also addressed global trade headwinds, particularly the recent strain in India-US ties after President Donald Trump imposed steep 50% tariffs on Indian imports over New Delhi’s Russian oil purchases. While acknowledging the challenge, Goyal said India will continue to safeguard its exporters’ interests and avoid striking agreements “in haste” under external pressure.
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