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New Delhi, Oct 21 (KNN) Three Union Ministers on Saturday addressed a joint press conference in New Delhi on the ‘GST Bachat Utsav’, outlining the impact of the recently implemented Next-Generation GST reforms on the economy, industry, and consumers. “Rate reduction, process simplification, consolidation of slabs from four to two, and resolution of classification issues have all been completed well before time,” Finance Minister Nirmala Sitharaman said, adding that the changes have been positively received by the public. Sitharaman emphasised that the reforms represent ‘a conscious decision’ and not a correction, underscoring the cooperation between the Centre and the GST Council. “A reduction in tax rates is for the benefit of consumers,” she said. The minister also informed that the Department of Revenue has been monitoring the prices of 54 products since September 22 to ensure that the benefits of the revised tax structure reach end consumers. “The Next-Gen GST benefits have been fully passed on across all 54 items,” she noted. Commerce and Industry Minister Piyush Goyal said the reform has brought renewed energy across sectors and households and has boosted savings and disposable income. He said the reforms are already yielding results, with visible improvements in investment, business activity, and consumer spending. “When infrastructure development and daily essentials become more affordable, the combined push from both supply and demand sides accelerates growth, making India the fastest-growing large economy in the world,” he said. Railways, Information & Broadcasting, and Electronics & IT Minister Ashwini Vaishnaw pointed to the significant uptick in the electronics sector as evidence of the reforms’ positive impact. “This Navratri season witnessed record-breaking sales, with the electronics sector growing 20–25 percent year-on-year,” he said, noting strong consumer demand across product categories and higher sales of premium appliances. Vaishnaw said the GST reforms have helped moderate food inflation, with prices showing a deflationary trend of around 2 percent over the past four months, supporting household purchasing power. He added that India’s electronics manufacturing sector has seen double-digit growth, creating employment for over 25 lakh people nationwide. Vaishnaw also noted that the country has surpassed its neighbour in smartphone exports to the United States and that a major global company now produces 20 percent of its total output in India. Marking a major milestone in India’s technology landscape, Vaishnaw announced the commencement of production at two semiconductor manufacturing facilities — CG Semi and Kaynes — calling it a ‘crucial step toward semiconductor self-reliance’. (KNN Bureau)
