GST Reforms Set to Transform India’s Economy, Boost Products, and Benefit Consumers: Piyush Goyal
The Indian government’s recent GST reforms will provide a “tremendous and unprecedented boost” to the economy by increasing consumption and creating a win-win situation for both businesses and consumers, said Union Minister of Commerce and Industry Piyush Goyal. Speaking at the Bharat Nutraverse Expo 2025 on September 4, 2025, Goyal highlighted that the nutraceuticals industry, in particular, is one of the biggest beneficiaries of these changes.
Key Highlights of the GST Reforms
The reforms, announced on September 3, 2025, have significantly reduced GST rates on a wide range of products and services. Goyal noted that GST on several items, including multivitamins and protein powders, has been lowered to as little as 5%, down from 12% or 18%. Additionally, GST on many life-saving and cancer drugs has been reduced to zero.
The minister urged the industry to ensure that every rupee saved from this tax reduction is passed on to consumers. He stated that lower prices will naturally drive higher consumption and accelerate industry growth, making this a powerful “demand booster.”
A Call to Action for Indian Industry
Goyal challenged the industry to make a two-fold commitment to the Prime Minister:
- Pass on Savings: Ensure that every rupee of GST savings directly benefits consumers.
- Promote Indian Products: Actively support products that are “Made in India” and embody national pride and self-reliance.
He emphasized that whether a company is Indian or foreign, its value lies in its investment in India, the jobs it creates, and its contribution to the nation’s growth.
Driving Towards Viksit Bharat 2047
Goyal reaffirmed India’s position as the world’s fastest-growing large economy, with a GDP growth of 7.8% in the first quarter. He underscored the government’s vision to grow India’s GDP from $4 trillion to $30 trillion by 2047, transforming the country into a prosperous and developed nation.
He concluded that a healthy and fit India, supported by sectors like nutraceuticals, is key to this growth. The government’s initiatives to improve the ease of doing business and lower taxes, combined with the talent of young Indians, are setting the stage for a brighter future for every citizen.