OCT 19: Union Ministers Smt. Nirmala Sitharaman, Shri Piyush Goyal, and Shri Ashwini Vaishnaw held a joint press conference in New Delhi today to highlight the impact of Next-Gen GST reforms under the GST Bachat Utsav initiative.
Finance Minister Smt. Nirmala Sitharaman said that rate reductions, simplification of processes, and the reduction of GST slabs from four to two have been successfully implemented ahead of Diwali, with benefits now reaching end consumers. She noted that the Department of Revenue is closely monitoring 54 select products to ensure that the revised tax structure translates into real savings for citizens.
Commerce Minister Shri Piyush Goyal described the reforms as a “Double Dhamaka” delivering relief and prosperity to households, citing historic auto sales by Maruti, Mahindra, and Tata during Navratri. He emphasized that these reforms have encouraged investment, boosted consumer spending, and contributed to India’s position as the fastest-growing large economy globally.
Electronics and IT Minister Shri Ashwini Vaishnaw highlighted record-breaking sales in the electronics sector, double-digit manufacturing growth, and the launch of two semiconductor facilities, marking progress toward India’s semiconductor self-reliance. He added that the reforms have moderated food inflation, strengthened household purchasing power, and created over 25 lakh jobs in electronics manufacturing.
The ministers underscored that GST reforms are delivering tangible benefits for citizens, stimulating consumption and investment, and creating a virtuous cycle of economic growth. With rising consumer demand, strengthened manufacturing, and structural stability, India’s economy continues to demonstrate resilience, innovation, and a rapidly expanding industrial base, reflecting the success of the government’s comprehensive tax reform agenda.
