Union Minister Piyush Goyal Urges India Inc. to Lower Prices After GST Cuts

New Delhi, Sep 9 (KNN) Union Commerce and Industry Minister Piyush Goyal on Thursday urged Indian businesses to ensure that the complete benefit of the recent GST rate cuts is passed on to consumers.

He said this reform would stimulate demand, strengthen economic activity, and support India’s growth momentum.

Speaking at the Bharat Nutraverse Expo 2025 in New Delhi, Goyal described the reduction as a “festival gift” from Prime Minister Narendra Modi.

He stressed that the reform would empower industries to achieve higher sales volumes while offering affordable prices, ensuring mutual gains for businesses and consumers alike.

The minister called for accountability from India Inc., emphasising that “every rupee saved through GST reduction must reach the end consumer.” He pointed out that several categories of goods are now taxed at just 5%, which will further encourage consumption and market expansion.

Goyal urged businesses to adopt a “twin commitment”—passing on GST benefits and supporting products manufactured in India.

He clarified that whether companies are Indian-owned or foreign-owned, producing in India strengthens employment opportunities and aligns with the aspirations of its 1.4 billion citizens.

Highlighting India’s robust performance, Goyal cited a 7.8% GDP growth in the first quarter of FY25, reinforcing the country’s position as the world’s fastest-growing major economy despite global uncertainties.

He reiterated the government’s vision of expanding India’s economy from $4 trillion to $30 trillion by 2047, with the goal of building a developed “Viksit Bharat.”

Goyal also underlined the importance of the nutraceuticals industry, which not only supports farmers and MSMEs but also contributes to better health outcomes.

He noted the significance of turmeric, ginger, and probiotics, adding that a healthier population is vital for India’s long-term growth journey.

(KNN Bureau)