Indian industry titans applaud historic GST reforms for turbo-charging economy and catalysing spending power

After Nirmala Sitharaman, the Union Minister of Finance, announced that the GST Council had approved the major overhaul of the existing tax structure to reduce the existing four slabs to two—5% and 18%--industry titans took to social media to laud the government’s sweeping reforms.

According to Sridhar Vembu, CEO, Zoho Corporation, cutting taxes to stimulate domestic demand, and encouraging investment in domestic production, so the increased domestic demand creates employment—exactly the right mix. “We could afford this mix precisely because our government has been generally prudent. We will show them what a “dead economy” looks like,” he added.

“We have now joined the battle… More and faster reforms are the surest way to unleash consumption and investment. Those, in turn, will expand the economy and amplify India’s voice in the world,” wrote Anand Mahindra, chairman of the Mahindra Group, in a post on X. Mahindra also mentioned Swami Vivekanand’s quote, “Arise, awake and stop not till the goal is reached,” to drive home the idea that there is a need for more reforms.

Naveen Jindal, chairman of Jindal Steel, called the GST reforms a real Diwali gift for every Indian. “The #NextGenGST reform is a historic step that will ease the lives of crores of Indians. From households to farmers, students, MSMEs and entrepreneurs, it brings real relief and new opportunities,” he said in a post on X. Thanking the PM and the finance minister for making GST simpler, fairer, and people-centric, Jindal said, “This reform reduces the burden on families and gives strength to India’s growth story.

“We applaud the government for taking consistent steps towards boosting growth and enhancing the growing middle class’s spending power—all towards realising PM’s vision of Viksit Bharat 2047. The GST tax cuts are a major move by the government to further turbocharge growth. It will significantly boost consumption across segments of society. For our industry, especially, it’s a welcome move as it will help two-wheelers become more accessible and also help those looking to upgrade,” said Sudarshan Venu, chairman, TVS Company.

Panasonic India chairman Manish Sharma called it a timely reform that will expand market access and drive demand. “The rationalisation of GST on air-conditioners and televisions from 28% to 18% is a welcome reform that will directly benefit consumers, especially as we step into the festive season. With this reduction, products that were earlier seen as aspirational are now more accessible, allowing a larger section of households to upgrade to energy-efficient and connected appliances,” Sharma said.