GST Reforms Give Big Boost to Nutraceuticals Industry: Piyush Goyal

Addressing industry leaders, Shri Goyal emphasized that the GST reduction marks a turning point for the sector, offering both immediate and long-term benefits to businesses, farmers, and consumers alike.

 

The nutraceuticals industry is poised for transformative growth following the landmark Goods and Services Tax (GST) reforms announced yesterday, Union Minister of Commerce and Industry, Shri Piyush Goyal, declared at the Bharat Nutraverse Expo 2025. Addressing industry leaders, Shri Goyal emphasized that the GST reduction marks a turning point for the sector, offering both immediate and long-term benefits to businesses, farmers, and consumers alike.

GST Cuts to Drive Demand and Growth

Highlighting the government’s bold move, Shri Goyal said the reduction in GST rates on several product categories, in some cases to as low as 5 percent, would translate into substantial consumer savings. “This reform will provide a tremendous and unprecedented boost to consumption demand,” he remarked, noting that lower taxation inevitably stimulates higher sales volumes and broader market access.

He urged the industry to pass on every rupee of savings directly to consumers, underscoring that such consumer-first practices would create a win-win situation: higher affordability for households and larger opportunities for businesses.

A Festival Gift to the Nation

Calling the reform a “festival gift” to India, Shri Goyal expressed gratitude to Prime Minister Narendra Modi, who had earlier hinted in his Independence Day address about “major good news” on the GST front. “No one had expected such a wide range of goods and services to be covered,” the Minister said, stressing that the government’s pro-industry and pro-consumer approach is fueling confidence across the economy.

Promoting Indian Products with Pride

The Minister also laid out a vision for the industry to go beyond financial gains, urging it to commit to two principles:

1. Pass on all GST savings to consumers.

2. Actively promote Indian-made products.

He emphasized that the focus should not be on ownership—whether Indian or foreign—but on ensuring that products are manufactured in India. Such manufacturing, he said, generates jobs for youth, empowers local communities, and strengthens the nation’s growth story.

“When Indian products, nurtured in the soil of India, reach every corner of the nation, they carry not just economic value but also national pride and self-reliance,” he said.

Viksit Bharat 2047 and Economic Confidence

Shri Goyal tied the GST reforms to the broader Viksit Bharat 2047 vision, under which India aspires to become a USD 30 trillion economy by its centenary of independence. He highlighted that India’s GDP had already grown by 7.8 percent in the first quarter of FY 2025, making it the fastest-growing large economy despite global volatility.

“With the talent of young India, ease of doing business reforms, and pro-consumer policies like lower taxation, India is firmly on the path to becoming a prosperous and developed nation,” he asserted.

Nutraceuticals: Supporting Health and Farmers

The Minister spotlighted the nutraceuticals industry as not only a driver of economic activity but also a vital contributor to national health. He emphasized the sector’s role in supporting preventive healthcare, aiding farmers, and creating value chains involving micro, small, and medium enterprises (MSMEs).

He cited turmeric’s healing benefits, ginger’s medicinal power, and the role of probiotics in enhancing nutrition, noting that such products form the backbone of a fit and healthy India, a critical element for long-term growth.

Linking Health, Economy, and Opportunity

Shri Goyal reiterated that the government’s vision is holistic: ensuring every Indian has access to quality education, healthcare, infrastructure, and dignified opportunities. “Every product made in India carries the aspirations of 1.4 billion people,” he said, adding that nutraceuticals play a crucial role in this journey by contributing to a healthier, more productive population.

Looking Ahead

Concluding his address, Shri Goyal expressed confidence that Bharat Nutraverse 2025 would be remembered as a milestone event for the nutraceuticals sector. He assured the industry of continued government support, urging it to align with the national vision of economic prosperity and healthier living.

“This Expo will mark the beginning of a great future for the industry and a significant contribution to India’s journey towards Viksit Bharat 2047,” he said with optimism.