NextFin news, NEW DELHI — On Monday, Union Commerce and Industry Minister Piyush Goyal urged industries across India to pass on the full benefits of the recent Goods and Services Tax (GST) rate cuts to consumers. Speaking at an event organized by the Engineering Export Promotion Council (EEPC) India in New Delhi, Goyal emphasized that this measure would stimulate domestic demand, generate employment opportunities, and strengthen the foundation of India's economy.
Goyal stated, "The GST rate cuts, along with simplification, will boost domestic demand. Small and large enterprises will gain more opportunities, jobs will be created, incomes will rise, and spending will increase." He added that these effects would create a virtuous cycle of growth to propel the country forward.
The minister highlighted the importance of equitable economic benefits, stressing that the advantages of GST rate cuts must be fully passed on to consumers to ensure that growth reaches every citizen and fortifies the economy.
Addressing the audience, Goyal expressed confidence in India's economic trajectory, noting that the country's economy, currently valued at approximately USD 4 trillion, is expected to become the third largest globally within the next two to two and a half years. He also projected that India’s economy could reach at least USD 30 trillion by 2047.
Goyal further underscored India's recent economic achievements, including a record quarterly GDP growth rate of 7.8%, and India's transformation from one of the "fragile five" economies to a top-five global economy under Prime Minister Narendra Modi's leadership.
He called on industries to support the Atmanirbhar Bharat (self-reliant India) initiative by promoting Swadeshi products, which would reduce import dependence and contribute to national financial security and progress. Goyal also highlighted the critical role of trade and micro, small, and medium enterprises (MSMEs) as the backbone of India's economy, noting that India's exports have grown from just $10 million in 1955 to a projected $116 billion in 2024-25, particularly in the engineering sector.
The event in New Delhi brought together industry leaders and policymakers to discuss strategies for inclusive and sustainable economic growth, with Goyal emphasizing that when India works together as a united family across sectors, inclusive growth will naturally follow.
These remarks by Minister Piyush Goyal were reported by multiple news outlets including DTNext, NewsBytes, and MSN on Monday, September 8, 2025.
Explore more exclusive insights at nextfin.ai.
