ITC’s Sanjiv Puri says next-gen GST reforms will bring joy to millions of Indian households

The Prime Minister’s address to the nation—on the eve of Navratri and the festive season—on the next-generation GST reforms, signals a historic moment which will bring tremendous joy to millions of Indian households as their loved products become more affordable, Sanjiv Puri, chairman and managing director, ITC , said on Monday.

“I would like to join the nation in congratulating the far-sighted and pathbreaking reforms that set the stage for an accelerated transformation of India in its journey to a Viksit Bharat,” Puri said in a post on LinkedIn.

According to Puri, India’s consumption-driven economy is a powerful source of competitiveness and resilience amidst a world in turmoil. The spirit of ‘Nagarik Devobhava’, which embodies the government’s citizen-centric reforms, has synergised the ‘GST Bachat Utsav’—and the revisions made earlier in income taxes—to put ₹2.5 lakh crore of savings in the hands of the people.

“This will undoubtedly spur a virtuous cycle of consumption, investment, higher incomes and employment to enable a higher trajectory of socio-economic progress,” he added.

The pivotal milestone unleashed by the pathbreaking GST reforms, Puri wrote, will also simplify the ease of doing business for millions of stakeholders in the value chain. This will greatly energise MSMEs as well as small-scale and cottage industries, which are the backbone of the economy.

Puri averred that the clarion call for a ‘swadeshi’ movement to build a strong Atmanirbhar Bharat is truly inspirational. “Indeed, this is India’s moment to invest even more in innovation to create world-class swadeshi products that not only delight the large domestic market but also outshine competition globally, bringing pride to our nation”.

As India ascends the global stage with confidence, he wrote that the Government’s commitment to next-generation reforms empowers every Indian consumer, every MSME, every “proudly Swadeshi” brand to be a co-creator in scripting a new chapter of prosperity and progress for the nation.

“At ITC, the credo of ‘Nation First: Sab Saath Badhein’ is our abiding inspiration to continue building a future-ready portfolio of Proudly Indian Brands that capture and retain larger value in the country, while supporting domestic value-chains across agriculture, manufacturing and services,” he wrote.

According to Puri, ITC is committed to the ‘Make in India’ vision. The Swadeshi brands of ITC are produced in state-of-the-art manufacturing units, which comprise a robust ecosystem of over 200 dedicated factories and 7,500 MSMEs, thereby fostering local entrepreneurship and employment.

Puri mused that he has always believed that enterprises have both an economic and a social purpose. “As we leverage the immense opportunities arising from the next generation of reforms, we must also do so in a true spirit of compassionate capitalism—by putting people and planet at the centre of strategy and action.”