Piyush Goyal Interview: Union Minister says 'let’s all go for Swadesh'
In an exclusive interview with Network18's Rahul Joshi, Piyush Goyal champions ‘Swadeshi’ products and outlines India’s strategy to explore new export markets amid ongoing trade tensions.
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India’s landmark overhaul of the goods and services tax is poised to transform the country’s economic landscape, Union Commerce Minister Piyush Goyal said Thursday in an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi.
Speaking about the government’s “GST Diwali Bonanza” for the middle class, Goyal described the tax cuts as “the most monumental and transformational reforms since independence.” He added that the reduced rates would not only ease the cost of living for ordinary citizens but also help advance India’s vision of Atmanirbharta, or self-reliance.
The interview followed the GST Council’s approval of sweeping rate cuts on Wednesday, led by Union Finance Minister Nirmala Sitharaman. Beginning September 22, the tax system will be simplified to two primary slabs of 5 percent and 18 percent, replacing the current 12 percent and 28 percent brackets. A separate 40 percent rate will apply to luxury and sin goods.
Goyal also addressed tensions in India’s trade relationship with the United States amid an ongoing tariff dispute, expressing confidence that normalcy would be restored. “We are very hopeful of reaching a trade pact with the U.S. in the next few months,” he said. The minister added that India is simultaneously seeking new export markets and negotiating free trade agreements with other countries to diversify its trade portfolio.
Key Highlights
Goyal on Rahul Gandhi's 'Dead Economy' jibe
Hitting back at Rahul Gandhi over his “dead economy” comment, Goyal called him a “naysayer” and said, “Rahul Gandhi actually hurt the sentiments of 140 crore Indians. Who can see the improvement in their lives? Who can see that Prime Minister Modi has reduced their income tax?”
GST reforms
Speaking on the GST reforms, Piyush Goyal said lower taxes, lower prices will give buoyancy to demand, and higher demand would lead to higher taxes, which would promote more manufacturing and job opportunities.
India's growing economy
Goyal said, “For him (PM Modi), ease of doing business is the pathway to a developed economy and ease of living is a commitment to the people of India to ensure wider prosperity and inclusive growth. And these decisions yesterday have happened over a sustained 11-year journey of taking a broken, fragile 5 economy to become the top five economy of the world, soon to become the third largest by 2027.”
US Tariffs Goyal said India was predominantly a domestic country, and the exports were a relatively small part of its overall GDP. “So Indian economy is a very complex economy and therefore I do not think that the impact on the GDP will be significant,” he said.
Go for 'Swadeshi Products'
Goyal appealed to all Indians to commit themselves to buying ‘Swadeshi’ and ‘Made in India’ products. “Whatever may have happened in the past is fine, at least in the future. Let’s all go for Swadesh.”
