GST Rate Cuts: A Catalyst for India's Economic Surge

Union Minister Piyush Goyal urged the industry to pass GST rate cut benefits to consumers to increase domestic demand. This move aims to generate opportunities, increase earnings, and drive growth. He expressed confidence in India's journey to becoming a global superpower backed by a robust economic system.

Union Minister Piyush Goyal has called on the industry to fully transfer the benefits of reduced GST rates to consumers, a step he believes will bolster domestic demand and ultimately fortify the Indian economy.

Speaking at an EEPC India event, Goyal emphasized the potential for a 'virtuous growth cycle' spurred by increased consumer spending, employment, and income. He envisions India becoming a global leader in sustainable and inclusive development.

Goyal lauded India's rapid economic growth, citing the nation's move into the world's top five economies under PM Narendra Modi's leadership. He highlighted the potential for India to reach a USD 30 trillion economy by 2047, fueled by 'Zero Defect, Zero Effect' manufacturing and a focus on Made in India products.

(With inputs from agencies.)