Piyush Goyal, the Union Commerce Minister, said on Monday that it must be ensured that the massive GST reforms that have recently been undertaken—and the reduced GST rates—should be passed on to the consumers.

“We must ensure that the consumers benefit from the reduced GST rates. The demand is expected to increase, which will boost our trade and industry. Homemade products will become attractive (to the consumers), and happiness and prosperity should increase in the entire country,” Goyal said during the platinum jubilee celebrations of the Engineering Exports Promotion Council (EEPC).

Goyal also stated that inclusive development should happen nationwide, enabling India to become a model for sustainable development and growth. He also exhorted exporters to prioritise local supply chains and products to strengthen India’s economic security, as global trade is fraught with uncertainty. “We have recently observed that whenever any nation curbs or puts export controls, it affects our exporters and industry. This is why Atmanirbhar Bharat is essential.”

Goyal emphasised that commerce and the MSME sector, which serve as the foundation of the nation's enterprises, are what give India its strength. India's self-confidence is so great, he claimed, that it will only get stronger and refuse to kneel before anyone. He cited EEPC's history, pointing out that exports had increased from $10 million in 1955 to $116 billion now. He claimed that as time passes, the engineering sector will expand with more ambitious plans and greater strength.

Earlier, Goyal described the GST 2.0 regime as the biggest gift of the Modi government to the middle class, MSMEs, and the common man. “On September 22, the first day of Navratri, all 140-crore people of the country will start getting the benefit of this gift,” Goyal said while speaking to the media on the newly introduced GST 2.0 regime.

He stated that the country is now on a path of constant progress and that the government is taking significant steps to achieve its economic goals. According to the Union Minister, the government has implemented several key reforms since 2014. “After PM Modi’s GST measures, the burden on consumers will reduce, and this historic decision will be seen as the biggest transformation decision of all time in India.”

The GST measures, he said, will take the Indian economy to new heights. “It will increase demand, its scope expands from food items to white goods, and you can count the things used in everyday life, you will realise prices are bound to reduce post the GST measures on all these items.” He said the government will ensure that the GST benefits are passed on to the end consumers. “The business community has promised to pass on the given benefits on to end consumers.”