Piyush Goyal Hails GST Cuts as Game-Changing Reform
Goyal urges industry to pass GST cuts to consumers.
Union Commerce and Industry Minister Piyush Goyal on Thursday, September 4, 2025, celebrated the recent reduction in Goods and Services Tax (GST) rates as a “game-changing” step toward economic growth. Speaking at the India MedTech Expo and Bharat Nutraverse Expo in New Delhi, Goyal urged industries to fully pass on these tax benefits to consumers, emphasizing the potential to boost demand across sectors and enhance the quality of life for India’s 1.4 billion citizens.
The GST reforms, announced on Wednesday, streamline the tax structure, reducing rates across a wide range of goods and services. Goyal described the changes as a “Diwali gift” that will benefit every consumer, from farmers to micro, small, and medium enterprises (MSMEs), and significantly impact sectors like pharmaceuticals. “Every stakeholder in the country stands to benefit,” he stated, predicting that lower rates will spur demand, attract investments, create jobs, and drive a virtuous cycle of economic growth.
Goyal credited Prime Minister Narendra Modi for spearheading this “path-breaking” reform, which he said fulfills Modi’s promises to enhance ease of living. Beyond rate reductions, procedural simplifications in the GST framework are expected to improve the ease of doing business, further fueling industrial growth. “The scale of operations in the country will grow by leaps and bounds,” Goyal asserted, envisioning a pivotal role for these reforms in India’s journey to becoming a developed nation by 2047.
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Addressing criticism from the Opposition, particularly Congress leader Rahul Gandhi, Goyal condemned their “negative thinking” for dismissing India’s robust economic performance. He highlighted India’s 7.8% growth rate in the first quarter, making it the world’s fastest-growing large economy, and criticized the Opposition for calling it a “dead economy.” “Such negativity is why they are in their current state,” he remarked, urging a focus on the positive impact of the reforms.
Goyal also called on industries to promote the “Made in India” brand aggressively, aligning with the government’s vision to bolster domestic manufacturing and global competitiveness. As the nation anticipates a surge in consumer spending ahead of the festive season, these GST reforms are poised to reshape India’s economic landscape, offering relief to consumers and a catalyst for sustained growth.
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