GST reforms will be transformational for the business: Piyush Goyal
The Union Minister of Commerce and Industry Piyush Goyal said that the reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand.
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The nutraceuticals industry is one of the biggest beneficiaries of the transformational changes in GST announced yesterday, said Union Minister of Commerce and Industry, Piyush Goyal. The Minister added that the reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand. He noted that the industry can now aspire for a much greater volume of sales, creating a win-win situation for all. Goyal further emphasized that businesses will gain from larger opportunities, while the entire GST benefit will be passed on to consumers.
Goyal urged the industry to ensure that every rupee saved through the GST reduction is passed on to consumers. He emphasized that under the new structure, GST on several categories has been reduced to as low as 5 percent, resulting in substantial savings across the sector. He noted that this will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth.
The Minister urged the industry to make a strong twin commitment to the Prime Minister, first, to pass on every rupee of savings from the GST reduction to consumers, and second, to actively promote Indian products. He stressed the need to support products made with the sweat and toil of hardworking Indians, products nurtured in the soil of India. He emphasized that when such products reach every corner of the nation, they embody not only economic value but also national pride and self-reliance.
Goyal underlined that it does not matter whether the ownership lies with an Indian entrepreneur or a foreign investor, what matters is that the products are manufactured in India, creating jobs for Indian youth, generating opportunities for local communities, and contributing to the nation’s growth story. He added that every product made in India carries with it the aspirations of 1.4 billion people and symbolizes the country’s journey towards Viksit Bharat 2047.
Referring to India’s robust economic performance, he highlighted that the GDP grew by 7.8 percent in the first quarter. He reiterated the government’s vision of taking India’s GDP from $4 trillion to $30 trillion by 2047, stressing that India will emerge as a prosperous and developed nation.
Goyal highlighted that Viksit Bharat 2047 is a collective commitment of 1.4 billion Indians and called it the duty of every citizen to contribute to this journey of Amrit Kaal. He underlined that with the talent and skill of young India, along with government initiatives for ease of doing business, lower taxation and ease of living, the country is on course to secure a better future for every child with access to quality education, healthcare, and world-class infrastructure.
