New Delhi, Sep 4 (IANS) Union Minister of Commerce and Industry Piyush Goyal on Thursday urged India Inc. to pass on to consumers the benefit of the GST rate cut that has been announced across several categories of goods in order to boost demand and spur growth in the economy.  Addressing the Bharat Nutraverse Expo 2025 here, the minister said that the reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand. He noted that the industry can now aspire for a much greater volume of sales, creating a win-win situation for all. Goyal further emphasised that businesses will gain from larger opportunities, while the entire GST benefit will be passed on to consumers.

The minister thanked Prime Minister Narendra Modi for the "festival gift" given to the country. He noted that the Prime Minister announced on August 15 that there is going to be a major overhaul and good news on the GST front. He remarked that no one had expected such a wide range of products, goods and services to benefit from the transformational reforms announced on Wednesday. Goyal urged the industry to ensure that every rupee saved through the GST reduction is passed on to consumers. He emphasised that under the new structure, GST on several categories has been reduced to as low as 5 per cent, resulting in substantial savings across the sector. He noted that this will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth.

The minister urged industry to make a strong twin commitment to the Prime Minister—first, to pass on every rupee of savings from the GST reduction to consumers, and second, to actively promote Indian products. He stressed the need to support products made with the sweat and toil of hardworking Indians, products nurtured in the soil of India. He emphasised that when such products reach every corner of the nation, they embody not only economic value but also national pride and self-reliance. Goyal underlined that it does not matter whether the ownership lies with an Indian entrepreneur or a foreign investor—what matters is that the products are manufactured in India, creating jobs for Indian youth, generating opportunities for local communities, and contributing to the nation’s growth story. He added that every product made in India carries with it the aspirations of 1.4 billion people and symbolises the country’s journey towards Viksit Bharat 2047.

Referring to India’s robust economic performance, he highlighted that the GDP grew by 7.8 per cent in the first quarter. Despite global turmoil and uncertainty, he noted, India continues to remain the fastest-growing large economy and, under the decisive leadership of Prime Minister Narendra Modi, will continue to lead for the next two decades. He reiterated the government’s vision of taking India’s GDP from $4 trillion to $30 trillion by 2047, stressing that India will emerge as a prosperous and developed nation. Goyal said that a fit and healthy India, supported by the nutraceuticals sector in a big way and by healthy food products, is key to India’s growth. He noted that the sector is not only helping farmers and supporting micro, small and medium enterprises, but is also contributing to every Indian’s healthcare. He highlighted the immense contribution of turmeric to health, the powerful benefits of ginger, and the role of probiotics in providing young Indians with quality protein and nutrition.