Union Minister of Commerce and Industries, Piyush Goyal, praised the growth of India’s economy despite the turbulent international environment.
Goyal made this observation during a press conference on Saturday on the occasion of Dhanteras alongside Union Finance Minister Nirmala Sitharaman and Railways and Electronics & IT Minister Ashwini Vaishnaw.
“Despite the international difficulties, in a very volatile, very turbulent international environment, India is progressing so rapidly that even the IMF had to revise its forecast upward to 6.6 per cent growth this year,” Goyal said, adding that in the first quarter of the ongoing year, India saw “a historic growth of 7.8 per cent this year…”
Goyal also said that the Ministry of Finance, the Reserve Bank, and the Monetary Fiscal Policy are taking consistent steps to ensure that India is not affected by inflation.
“Last month, the lowest inflation rate in eight years was 1.5%. We all saw that after 17-18 years, S&P revised India’s rating and raised it one notch, maintaining a stable outlook. Similar results were observed in the general market. Now, take a small example: car sales. Maruti Suzuki sold 165,000 vehicles in just eight days. The first eight days of Navratri,” Goyal said.
In the press conference on Saturday, the three minister of the Narendra Modi cabinet hailed the recent GST rate rationalisation, projecting it as a major driver of economic momentum in the country during the ongoing festive season.
They also highlighted that the GST rate rationalisation has boosted consumer demand, price reductions, and has also spurred up key sectors like automobiles, electronics, and FMCG, among others.
Goyal said the reforms were long in the making. “Finance Minister’s announcement of the GST reform on September 3 had been in the works for nearly a year and a quarter under the guidance of the Prime Minister. I thank the Prime Minister and the Finance Minister for making this year’s Navratri so special. On September 22, the new form of #NextGenGST was implemented. In the markets, among industry and business circles, and among the general public, everyone experienced a renewed sense of enthusiasm and energy,” he added, as per PTI.
He emphasized that the dual push of infrastructure investment as well as affordability is yielding a multiplier effect. “This is why India remains one of the fastest-growing economies globally. The IMF has revised our GDP growth forecast to 6.6 per cent.”
What Goyal said on US tariffs
Goyal, in the press conference, said that exports have been growing despite the steep tariffs the United States has slapped on India.
“The first six months’ exports, despite all these uncertainties, have grown by about six per cent or seven per cent overall. And even in merchandise, we have seen a growth story of India in the first six months,” he said, adding, “There is demand for our goods and services across the world, and India will continue on this growth trajectory, and we are confident we will end the financial year 25-26 with a positive growth in India’s exports.”
What did Sitharaman, Vaishnaw say?
Regarding the GST rate rationalisation, Sitharaman said, “It was launched on the first day of Navratri, I feel the people of India have received it well,” adding that after closely monitoring 54 essential items, the government has reached the conclusion that the GST benefit has been passed on to the consumer.
The Finance Minister also added that even in the nine remaining days of September since the rate rationalisation, purchases soared, with 3.72 lakh units of passenger vehicles being dispatched in the same period. 21.60 lakh two-wheelers were also sold in the same period of time, the FM said, while pointing out that three-wheeler dispatches growing 5.5 per cent year-over-year.
She also said that the sale of television sets surged 30-35 per cent while air-conditioner (AC) sales doubled on the very first day of rate rationalisation.
