Union Commerce and Industry Minister Piyush Goyal on Thursday urged India Inc to pass on the benefits of the recent GST rate cut to consumers. He said this move would raise demand and drive faster growth.
Speaking at the Bharat Nutraverse Expo 2025, Goyal said the GST cuts would give a strong boost to consumption.
He noted that lower tax rates would help companies increase sales volumes. This, he said, would create a win-win for both businesses and consumers.
“Every rupee saved through GST cuts must reach the consumer,” Goyal said.
Goyal Sets Clear Expectations
Goyal asked the industry to make a twin commitment. First, to pass on all GST savings to customers. Second, to actively promote products made in India.
He said lower GST on many goods—down to 5 per cent—would lead to big savings. These savings, he added, should lead to lower prices, higher consumption, and faster growth.
He thanked Prime Minister Narendra Modi for what he called a ‘festival gift’. He recalled the PM’s 15 August speech, where he promised big changes to GST.
Goyal said a few expected such wide-ranging reforms. He urged companies not to miss this chance.
“The opportunity is huge,” he said. “Pass it on to the people.”
Support for Made-in-India Products
Goyal stressed the need to back Indian-made goods. He said it didn’t matter if a business had foreign or local owners. What mattered, he said, was that the products were made in India.
He said such products create jobs for Indian youth. They support local economies and help the nation grow.
“Every Indian-made product carries the dreams of 1.4 billion people,” he said.
Goyal praised India’s strong economy. He said the country grew by 7.8 per cent in the first quarter.
Despite global uncertainty, India remained the fastest-growing major economy, he said. He added that India would keep leading for the next two decades under PM Modi’s leadership.
The Minister reaffirmed the goal to grow India’s GDP from $4 trillion to $30 trillion by 2047.
He also spoke about the nutraceuticals sector. The Minister said it plays a key role in building a fit and healthy India. He noted it helps farmers, supports MSMEs, and boosts public health.
Goyal praised turmeric, ginger, and probiotics. He said these were vital for the nutrition of young Indians.
“A strong and healthy India will build a strong and developed nation,” he said.
To read more such news, download Bharat Express news apps
