GST Cuts Ignite FMCG Growth, Boost Economy
The government's decision to reduce GST rates on various FMCG items has been lauded by industry leaders. The move is expected to spur consumption demand, benefiting consumers and businesses alike. Companies emphasize passing on benefits to consumers, highlighting the reform's potential to drive economic growth.
- Country:
- India
In a decisive move to spur economic growth, the government has slashed GST rates on several fast-moving consumer goods (FMCG), a decision welcomed warmly across the industry. Leaders from prominent companies highlighted the potential benefits to consumers and the overall economy.
Sanjiv Puri, Chairman and Managing Director of ITC Limited, praised the structural reforms, noting they would benefit MSMEs and farmers. He emphasized the anticipated boost in consumption, investment, and employment that could arise from the changes.
In the same spirit, Harsha Varshan Agarwal, Vice-chairman and MD of Emami Limited, hailed the tax cuts as "game-changing," particularly for rural India. Companies including Emami and Godrej pledged to pass on the benefits to consumers swiftly, underlining the move's potential to energize the FMCG sector.
(With inputs from agencies.)
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- GST
- FMCG
- consumption
- demand
- economy
- tax
- government
- ITC
- Emami
- Godrej
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