Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday hailed the rollout of next-generation Goods and Services Tax (GST) reforms, predicting that the move could raise India’s Gross Domestic Product (GDP) by 0.8 per cent while benefitting every section of society.
Speaking to ANI, Puri said the reforms have sparked celebrations across the country. “Apart from Navratri, the Bachat Utsav has begun. There is a wave of happiness wherever you see. GST rates have been reduced, which will benefit all sections of society. These reforms can boost the GDP by 0.8%. Our path towards a Viksit Bharat goes through self-reliance. It has been welcomed by all,” he stated.
The minister noted that the lower middle class and economically weaker sections would gain the most, as reductions in GST on consumption items will directly ease household budgets.
Prime Minister Narendra Modi, while addressing the nation on Sunday, also described the reforms as a “GST Bachat Utsav”, highlighting that the initiative would help households save more, simplify purchases, and strengthen the Aatmanirbhar Bharat campaign.
PM Modi emphasized that the benefits of the new framework would reach farmers, women, shopkeepers, traders, entrepreneurs, and families across the spectrum. He said the reforms would “accelerate India’s growth story, simplify business, attract investment, and ensure every state is an equal partner in development.”
The new GST structure replaces the earlier four-slab system with a simplified two-slab regime of 5% and 18%, while retaining a 40% slab for luxury and sin goods. It is expected to lower consumer prices, strengthen MSMEs, widen the tax base, boost manufacturing, and support diverse industries, from agriculture to automobiles and FMCG to renewable energy.
