Piyush Goyal said reducing GST rates from 28% to 18% is a landmark reform and a huge relief for the auto industry
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NEW DELHI — As India marks 10 years of ‘Make in India’, this is an opportune time to aim higher, strengthen supply chains, build resilience, and contribute significantly to jobs, exports and high-quality manufacturing in the automobile industry, said Union Minister of Commerce and Industry, Piyush Goyal.
The minister commended the recent GST reforms announced under the leadership of Prime Minister Narendra Modi.
He said that reducing GST rates from 28 per cent to 18 per cent is a landmark reform and a huge relief for the auto industry.
For tractors, GST has been reduced to 5 per cent, giving a major boost to the agriculture sector. He said this reform deserves a standing ovation for the Prime Minister, as it will make spare parts more affordable, strengthen formalisation, generate jobs, and expand demand across the value chain. He stressed that the benefits must be fully passed on to consumers.
Goyal said that this round of GST reform is the biggest reform since Independence and every Indian stands to gain. He emphasised that there will not be a single citizen out of 1.4 billion who will not benefit from these reforms.
Quoting late Ratan Tata, he said: “Take the stones people throw at you and build a monument.”
He said the sector and the nation must not be deterred by challenges, and with confidence, resilience and collective effort, India will continue to grow stronger.
The minister also praised India’s resilience during the COVID-19 pandemic, noting that the country upheld every global commitment, from providing medicines and vaccines to over 100 countries, many free of cost, to ensuring availability of essential goods without profiteering. He said this earned India the trust of the world, and today the country is looked upon as a reliable and trusted partner.
He was speaking at the 65th Annual Session of the Automotive Component Manufacturers Association (ACMA) in the national capital.