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

ENA Economy 2025-09-09 17:24:43 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 Indias 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 Indias robust performance, Goyal cited a 7.8% GDP growth in the first quarter of FY25, reinforcing the countrys position as the worlds fastest-growing major economy despite global uncertainties. He reiterated the governments vision of expanding Indias 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 Indias long-term growth journey. (KNN Bureau) 43442 https://knnindia.co.in/news/newsdetails/economy/union-minister-piyush-goyal-urges-india-inc-to-lower-prices-after-gst-cuts 2025-09-09 17:24:43 knnindia.co.in Union Minister Piyush Goyal Urges India Inc. to Lower Prices After GST Cuts