Union Commerce and Industry Minister Piyush Goyal on Thursday called on India Inc. to ensure that the full benefit of the recent GST rate cut is passed on to consumers, saying it would boost demand and drive economic growth.
Speaking at the Bharat Nutraverse Expo 2025 in the capital, Goyal said the reduction in GST rates would provide an “unprecedented boost” to consumption demand. “The industry can now aspire for much greater volumes of sales, creating a win-win situation for all. Businesses will benefit from larger opportunities, while consumers enjoy lower prices,” he said.
The minister thanked Prime Minister Narendra Modi for what he described as a “festival gift” to the country. Recalling the Prime Minister’s Independence Day announcement of major GST reforms, Goyal noted that few had expected such a wide range of products, goods, and services to benefit from Wednesday’s announcement.
He urged industry leaders to ensure that every rupee saved through the GST cut reaches consumers. “Lower prices naturally drive higher consumption and accelerate growth. The new GST structure, which brings tax rates on several categories down to as low as 5 per cent, will act as a strong demand booster,” he added.
Goyal also called on businesses to make a twin commitment to the Prime Minister—first, to pass on every rupee of GST savings to consumers, and second, to actively promote Indian products. “It does not matter whether ownership lies with an Indian entrepreneur or a foreign investor—what matters is that products are manufactured in India, creating jobs, generating opportunities, and carrying forward the aspirations of 1.4 billion people,” he said.
Highlighting India’s strong economic performance, the minister said GDP grew 7.8 per cent in the first quarter, making India the fastest-growing large economy despite global headwinds. He reiterated the government’s vision of expanding India’s GDP from $4 trillion to $30 trillion by 2047, transforming the nation into Viksit Bharat.
He also underlined the role of the nutraceuticals sector in supporting farmers, MSMEs, and healthcare. Pointing to the health benefits of turmeric, ginger, and probiotics, Goyal said a fit and healthy India will be the foundation of sustained growth.
