GST Reforms: A Game-Changing Diwali Gift for India's Economy

In a major announcement, Union Commerce and Industry Minister Piyush Goyal described the recent GST rate reduction as a 'game-changing' reform, positioning it as the most significant change since independence. He urged industries to translate these benefits directly to consumers.

Speaking at an event, Goyal emphasized that the reform would boost demand across sectors and enhance India's economic growth trajectory. The minister credited Prime Minister Modi for spearheading this transformation and criticized opposition negativity, linking it to a lack of understanding of India's current economic growth.

Goyal also highlighted that the reform contributes to a 'virtuous cycle' of growth, facilitating better living standards for citizens and greater investments in the future. He described this GST reduction as a 'Diwali gift' that improves ease of living and quality of life for 1.4 billion citizens.

(With inputs from agencies.)