He urged promoting Indian-made products, highlighting their role in jobs, community support, pride, and self-reliance
New Delhi
Union Minister of Commerce and Industry Piyush Goyal on Thursday urged India Inc. to ensure that the recently announced GST rate cuts are fully passed on to consumers. Speaking at the Bharat Nutraverse Expo 2025, he said the reductions across several goods categories would provide a “tremendous boost” to consumption and spur economic growth.
Goyal described the reforms as a “festival gift” to the nation, thanking Prime Minister Narendra Modi for announcing the wide-ranging changes. Under the new structure, GST on multiple items has been cut to as low as 5 per cent, resulting in significant savings for consumers. The minister called on businesses to pass every rupee of savings to buyers, creating a “win-win” situation with higher sales volumes and stronger industry growth.
He also urged companies to promote products made in India, emphasizing that locally manufactured goods generate employment, support communities, and reflect national pride and self-reliance. Goyal noted that the focus should be on products made in India, irrespective of whether the owner is domestic or foreign, highlighting their role in India’s journey toward Viksit Bharat 2047.
Highlighting India’s strong economic performance, Goyal said the GDP grew 7.8 per cent in the first quarter, making India the fastest-growing large economy despite global uncertainties. He stressed the government’s vision of raising GDP from $4 trillion to $30 trillion by 2047.
Goyal also pointed to the nutraceuticals sector and healthy food products as key contributors to growth, noting their role in supporting farmers, MSMEs, and public health. He highlighted the benefits of turmeric, ginger, and probiotics in enhancing nutrition and wellbeing for Indians.
