Unlock Savings: Piyush Goyal Urges India Inc. to Pass GST Rate Cuts Directly to Consumers – Insights from IndUS Business Journal

NEW DELHI—Commerce and Industry Minister Piyush Goyal recently called on Indian businesses to ensure that recent cuts in GST rates benefit consumers. He emphasized that this reform can significantly boost demand and help the economy grow.

Speaking at the Bharat Nutraverse Expo 2025, Goyal noted that the tax reductions are an opportunity for businesses to increase their sales while offering lower prices to customers. “Every rupee saved through the GST reduction must reach the consumer. Lower prices will naturally encourage higher spending,” he stated.

He referred to the changes as a “festival gift” from Prime Minister Narendra Modi, who had hinted at such reforms during his Independence Day speech. Goyal expressed surprise at the wide range of goods and services included in the reform.

He emphasized a “twin commitment” to consumers: businesses should pass on all GST savings transparently and promote locally made products. It’s important, he said, whether the business is Indian or foreign, as long as jobs are created in India.

Goyal highlighted India’s impressive economic growth, with a reported GDP increase of 7.8% in the first quarter. This positions India as the fastest-growing major economy, even amid global challenges. The government aims to grow the GDP from $4 trillion to $30 trillion by 2047 as part of the vision for a developed India.

He also discussed the importance of health and nutrition in this growth, mentioning the nutraceutical sector as a key player. Products like turmeric and ginger not only support farmers and small businesses but also benefit public health. According to a report by the Indian Nutraceuticals Association, the market for nutraceuticals is expected to grow significantly, reflecting increasing consumer awareness about health.

In summary, Goyal’s message is clear: passing on GST savings to consumers and supporting local products can help drive demand and strengthen India’s economy. The future looks promising, with businesses being encouraged to adapt for growth while benefiting consumers at the same time.

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