Unlocking Potential: How GST Reforms Are Transforming the Nutraceuticals Industry, Insights from Piyush Goyal | Law-Order

The nutraceuticals industry is set for exciting growth after recent Goods and Services Tax (GST) reforms. Union Minister of Commerce and Industry, Piyush Goyal, shared this news at the Bharat Nutraverse Expo 2025. He believes this change will greatly benefit businesses, farmers, and consumers.

Goyal highlighted the reduction in GST rates on various products, some dropping to as low as 5%. He noted that this reduction will save consumers money and stimulate demand. “Lower taxes mean more sales and better market access,” he said. He encouraged companies to pass these savings directly to customers, making products more affordable.

He referred to these reforms as a “festival gift” to India. After Prime Minister Modi suggested good news regarding GST in his Independence Day speech, Goyal remarked that few anticipated such extensive changes. He emphasized that this pro-consumer approach is beneficial for the economy.

Goyal also urged the nutraceuticals sector to focus on two core ideas:

1. Pass on GST savings to consumers.
2. Promote and prioritize Indian-made products.

He pointed out that it’s not about whether a company is Indian or foreign, but about supporting local manufacturing. This creates jobs and empowers communities. “When Indian products thrive, they bring economic value and national pride,” he added.

Linking these reforms to the Viksit Bharat 2047 vision, Goyal laid out an ambitious goal: transforming India into a $30 trillion economy by its centennial. He proudly noted that India’s GDP grew by 7.8% in the first quarter of FY 2025, making it the fastest-growing large economy globally.

The nutraceuticals sector, Goyal explained, also plays a crucial role in health. He mentioned the benefits of turmeric, ginger, and probiotics, noting their importance for a healthy India. This connection between health and economic growth is vital.

Moreover, the government envisions a future where every Indian has access to quality education, healthcare, and economic opportunities. “Every product reflects the dreams of 1.4 billion people,” he stated, pointing out that nutraceuticals contribute significantly to a healthier, more productive society.

As the event wrapped up, Goyal expressed confidence in the bright future of the nutraceuticals sector. He assured participants of continued government support and encouraged alignment with the vision for a prosperous, healthier India.

Recent trends show that the demand for nutraceuticals is rising. According to a 2023 report by the Global Wellness Institute, the nutraceuticals market is expected to reach $250 billion by 2025, driven by increased awareness of health and wellness. Social media platforms also reflect this shift, with many users sharing insights about the benefits of natural supplements. This growing awareness suggests that the nutraceuticals industry isn’t just about profits; it’s about enhancing people’s lives.

With all these developments, it’s clear that both the government and the industry are committed to supporting a healthier future for India.

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GST reforms, nutraceuticals, Piyush Goyal, Bharat Nutraverse 2025, Atmanirbhar Bharat, Viksit Bharat 2047, Indian economy, preventive healthcare, consumer savings, Make in India