New Delhi, Sep 4 (UNI) Commerce and Industry Minister Piyush Goyal today said the sweeping GST reforms will be transformational for businesses, with the nutraceuticals industry being one of the biggest beneficiaries.
“The reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand and businesses will gain from larger opportunities, while the entire GST benefit will be passed on to consumers,” the minister said addressing the Bharat Nutraverse Expo 2025 here.
Goyal said the move has created a win-win scenario where businesses can aim for higher sales volumes while consumers enjoy lower prices. “Every rupee saved through GST reduction is passed on to consumers,” he urged industry leaders. The rationalisation of rates to as low as 5 percent will act as a powerful demand booster, he added.
The Minister also urged companies to actively promote products made in India, irrespective of ownership. “What matters is that the products are manufactured in India, creating jobs for our youth and supporting local communities.”
He described every Indian-made product as a symbol of national pride and a step towards the vision of Viksit Bharat 2047.
Highlighting India’s economic resilience, Goyal noted that the country posted a robust 7.8 percent GDP growth in the first quarter, making it the fastest-growing large economy amid global turbulence.
He reaffirmed the government’s long-term vision of expanding India’s GDP from USD 4 trillion to USD 30 trillion by 2047, with reforms, entrepreneurship, and talent driving the journey.
Underscoring the importance of preventive healthcare, Goyal said a “fit and healthy India” would be central to future growth. He highlighted the role of the nutraceuticals sector in supporting farmers, MSMEs, and consumers alike through health-focused products like turmeric, ginger, and probiotics.
He also highlighted the commitment of Prime Minister Narendra Modi in ensuring that every citizen enjoys a good quality of life and healthy living, supported by both preventive and curative healthcare of the highest order.
GST reforms transformational, and nutraceutical industry is one of the biggest winners: Piyush Goyal
