Union Commerce and Industry Minister Piyush Goyal on Thursday called the recent cut in GST rates a “game-changing” step and the “biggest reform since independence,” urging industries to ensure that consumers fully benefit from it. He said the reform would help boost demand across sectors, strengthen the economy, and significantly benefit areas such as the pharmaceutical industry, agriculture, and MSMEs. “Every consumer and every stakeholder will gain from this change,” Goyal said, while stressing the importance of also promoting the Made in India initiative.

Goyal credited Prime Minister Narendra Modi for this “transformative and historic” move, saying the tax cut would reduce prices on everyday items, directly easing the burden on citizens. He described it as a Diwali gift that would improve the ease of living and overall quality of life for India’s 1.4 billion people. Besides lower rates, Goyal highlighted that simplified GST processes will make it easier to do business. He added that increased demand would attract investment, create more jobs, and strengthen the cycle of economic growth.

Responding to Opposition criticism that the reform should have been introduced earlier, Goyal accused Congress of spreading negativity, saying that India’s current 7.8% GDP growth makes it the fastest-growing major economy in the world. He criticized Rahul Gandhi for calling India a “dead economy,” saying such remarks reflect a “negative mindset.” The minister was speaking at the India MedTech Expo and Bharat Nutraverse Expo.