Piyush Goyal to industry: Pass on full GST rate cut benefits to consumers to boost demand, jobs & growth

Union Minister Piyush Goyal on Monday urged the industry to pass on the full benefits of GST rate cuts to consumers, saying this would boost domestic demand, open new opportunities for businesses, and strengthen the foundation of India’s economy.

Speaking at an EEPC India event, Goyal said, “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. This will trigger a virtuous cycle of growth to take India ahead.”

‘No Power Can Stop India’s Rise’

Goyal expressed confidence that no force in the world can stop India from emerging as a global superpower. He said equitable benefits must flow to every citizen, and the advantages of GST cuts should reach consumers directly. This, he stressed, would ensure inclusive growth and a stronger economy.

The minister also predicted that India’s economy, currently worth around USD 4 trillion, would become the world’s third largest in the next 2–2.5 years, and grow to at least USD 30 trillion by 2047. He said with GST simplification and infrastructure growth, India is firmly set on the path of becoming a world power.

From Fragile to Fastest-Growing

Highlighting the government’s achievements under Prime Minister Narendra Modi, Goyal said India has moved from being one of the “fragile five” economies to one of the world’s top five. He pointed out that India has been the fastest-growing economy for the last four years and recently recorded 7.8% GDP growth in a single quarter, a figure he called a “world record.”

He urged industries to embrace the call of Atmanirbhar Bharat and support the growth of Swadeshi products. By reducing dependence on imports and promoting ‘Made in India’ goods, Goyal said businesses could contribute to financial security and national progress.

MSMEs and Engineering Sector as the Backbone

The minister highlighted the crucial role of trade and MSMEs, calling them the backbone of India’s economy. He recalled that India’s exports stood at just USD 10 million in 1955, but today they have reached USD 116 billion, showing the engineering sector’s massive growth. He said bigger goals and greater strength lie ahead.

Goyal reaffirmed his confidence in India’s “Zero Defect, Zero Effect” motto, stressing the need to ensure that high-quality products made in India are sold across the world. He added that India is now seen as a trusted partner globally, and it is important to maintain this reputation.

A Responsible Global Citizen

He also underlined India’s commitment to sustainability, noting that the country ranks in the top three for global sustainability efforts under its Paris COP21 commitments. He said India is mindful of protecting Mother Nature while pursuing growth, showing that the country can lead the world not only in economics but also in responsible development.

Inputs from PTI