New Delhi: Union Commerce and Industry Minister Piyush Goyal on Monday urged Indian industry stakeholders to fully pass on the benefits of GST rate cuts to consumers, stating that such measures are vital to boosting domestic demand, driving inclusive economic growth, and reinforcing the foundation of India’s economy.
Speaking at an EEPC India event in the capital, Goyal emphasized that the impact of the Goods and Services Tax (GST) reforms goes far beyond tax reduction, and if implemented responsibly by the industry, it can become a powerful driver of India’s economic aspirations.
GST Simplification Will Create a Virtuous Cycle of Growth
Goyal said the recent GST rate cuts, along with efforts towards simplification of tax processes, will benefit both businesses and consumers. According to him, the changes will–
- Boost domestic consumption
- Open new opportunities for both small and large enterprises
- Generate employment avenues
- Increase income and thereby spending power
“This will create a virtuous cycle of growth that will take the country ahead,” he noted.
Call for Swadeshi and Made-in-India Focus
Reinforcing the spirit of Atmanirbhar Bharat, Goyal encouraged businesses to focus on Made-in-India and Swadeshi products to reduce import dependence and enhance India’s financial resilience.
He urged enterprises to re-evaluate sourcing strategies and look for indigenous options that could help not only individual companies but the broader Indian economy.
“The country’s 1.4 billion people, businesses and trade should focus on Made in India products,” he said.
India’s Economic Potential: From USD 4 Trillion to USD 30 Trillion
Mr Goyal expressed confidence in India’s long-term economic trajectory, stating–
India, with a current GDP of around USD 4 trillion, is on track to become the third-largest economy globally in 2 to 2.5 years
By 2047, India could reach an economic size of at least USD 30 trillion
He noted India’s remarkable growth performance, highlighting the 7.8% GDP growth in the last quarter, which he described as a world record.
“No Power Can Stop India” – Global Confidence in Indian Economy
Goyal reiterated that under Prime Minister Narendra Modi’s leadership, India has transformed from a “fragile five” economy into one of the top five global economies, and is now seen as a trusted global partner.
“No power in the world will be able to stop India’s emergence as a global superpower,” he stated confidently.
MSMEs and Trade Are Backbone of Indian Economy
Goyal also acknowledged the critical role of Micro, Small, and Medium Enterprises (MSMEs) in powering India’s economic engine. He emphasized–
- The importance of quality manufacturing under the motto “Zero Defect, Zero Effect”
- The need to promote exports of high-quality Indian products
- The goal of ensuring that India becomes a global hub for sustainable and inclusive development
Key Takeaways from Minister’s Address
- Full GST benefits must be passed to consumers to stimulate demand and fairness.
- Made-in-India and Swadeshi focus can reduce import dependence and drive growth.
- India is poised to become the third-largest economy within the next 2–3 years.
- Government committed to creating a robust, inclusive, and sustainable economy.
- Businesses must ensure product quality and embrace economic self-reliance.
