NEW DELHI– Commerce and Industry Minister Piyush Goyal on Thursday urged Indian businesses to ensure that the full benefits of the latest GST rate cuts are passed on to consumers, calling the reform a powerful catalyst for boosting demand and accelerating economic growth.
Speaking at the Bharat Nutraverse Expo 2025 in the capital, Goyal said the wide-ranging GST reductions would give “a tremendous and unprecedented boost to consumption demand,” noting that businesses now have the opportunity to expand volumes while consumers enjoy lower prices.
“Every rupee saved through the GST reduction must reach the consumer. This will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth,” Goyal said.
The minister praised Prime Minister Narendra Modi for what he called a “festival gift” to the nation, recalling that the Prime Minister had promised on Independence Day a significant announcement on GST. Goyal added that few expected such a broad spectrum of goods and services to benefit from Wednesday’s reform.
He urged India Inc. to make a “twin commitment” to the Prime Minister: first, to pass on all GST savings transparently to consumers, and second, to actively promote products made in India. “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 and contributing to the nation’s growth story,” he said.
Highlighting India’s strong economic trajectory, Goyal pointed out that GDP grew 7.8 per cent in the first quarter, maintaining India’s position as the fastest-growing major economy despite global headwinds. He reiterated the government’s goal of taking GDP from $4 trillion to $30 trillion by 2047, as part of the vision for “Viksit Bharat.”
Goyal also stressed the role of health and nutrition in driving national growth, citing the contributions of the nutraceuticals sector. He pointed to turmeric, ginger, and probiotics as examples of Indian products that not only support farmers and MSMEs but also improve public health outcomes. (Source: IANS)
