Game-Changing GST Reforms Boost India's Economic Momentum

Union Minister Piyush Goyal has stressed the importance of passing on GST benefits to consumers, calling the recent tax cuts the 'biggest ever reform' since India's independence. He believes the move will significantly boost demand across various sectors, furthering India's economic growth.

Speaking at the India MedTech Expo 2025 and other industry gatherings, Goyal projected that India will emerge as the third largest global economy within two years, progressing from a $4 trillion economy to a $30 trillion economy by 2047. He credited Prime Minister Narendra Modi for the path-breaking GST reforms.

Goyal urged industries to promote products made in India, emphasizing the benefits to both consumers and the broader economy. He noted that lower GST rates symbolize a Diwali gift that would enhance the ease of living and improve the quality of life for 1.4 billion citizens, fostering investment, job growth, and a healthy economic cycle.

(With inputs from agencies.)