'Most Transformative Step In 56 Years': Piyush Goyal Hails GST Cuts, Explains Benefits For Aam Aadmi

Last Updated:September 04, 2025, 20:58 IST

The minister, while explaining benefits of GST rationalisation, said the reduction on cement, farm equipment, small cars and daily essentials will translate into lower prices

Commerce and Industry Minister Piyush Goyal with Network18's Rahul Joshi. (News18)

Commerce and industry minister Piyush Goyal has said the GST reforms announced by the government on Wednesday are the “biggest change in the country in the last 56 years".

In an exclusive interview with Rahul Joshi, Group Editor-in-Chief, Network18, on Thursday, Goyal said: “I’d like to compliment Prime Minister Narendra Modi for taking this bold decision. I see this as the most transformative step the nation has seen possibly in the last 56 years. This is a journey that PM Modi started right in 2014… For him, ease of doing business is the pathway to a developed economy and ease of living is a commitment to the people of India to ensure wider prosperity and inclusive growth."

Giving a lowdown of the economy, Goyal said: “These decisions came after a sustained 11-year journey of taking a broken and Fragile 5 economy to the top five economies of the world. It’s soon to become the third-largest by 2027… Last quarter, GDP growth was 7.8 per cent, with only 1.55 per cent inflation. Who could have imagined that in less than a decade this country will transform so rapidly, so beautifully—and a foundation will be created on which a $4-trillion economy aims to become a $30 trillion economy by 2047?"

The minister, while explaining the benefits of the GST rationalisation move, said the reduction on cement, farm equipment, small cars, bikes and daily essentials will translate into lower prices across the board. “Almost every product of daily use, food products, will see a transformational reduction in prices," he said, adding that the industry has assured the government these benefits will be passed on to consumers.

He also said cheaper housing materials would give the middle-class greater opportunities to own homes, while lower farm equipment costs would help modernise agriculture and boost productivity.

Goyal said Modi’s “biggest strength" is that he has trusted industry and that has never let him down. He said every sector has assured support to the central government on lower taxes and prices, which will give rise to demand.

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The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d...

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