New Delhi [India], September 22 : Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that India's economy has expanded from USD 2 trillion in 2014 to USD 4.3 trillion and the government is keen to make the economy stronger at a time of global uncertainty.
He said that the new Goods and Services Tax (GST) reforms rolled out on Monday will boost India's GDP growth by 0.8 per cent and will benefit all sections of society.
"Apart from Navratri, the budget utsav has begun. There is a wave of happiness and celebration among people wherever you see. GST rates have been reduced, which will benefit all sections of society. But we are celebrating something else. These reforms can boost the GDP by 0.8 per cent. Our path towards a Viksit Bharat goes through self-reliance. It has been welcomed by all sections of the society," Puri told ANI.
Highlighting India's economic progress, the minister said that GST reforms are not just about tax changes but also about celebrating the growth of the nation.
Puri stressed that the lower middle class and economically weaker sections of society will gain the most from these reforms, as GST rates on consumption items have been reduced and, in some cases, completely removed.
He said that these steps come at a crucial time when the global economy is facing uncertainty.
"At a time of global uncertainty, we want India's economy to become even stronger and move towards becoming a USD 10 trillion economy," the minister said.
The government believes that the GST reforms will not only provide immediate relief to people but also give a long-term push to India's economic growth.
On Sunday, PM Modi, during his address to the nation, linked the GST reforms to the government's broader reform agenda. PM Modi also lauded India's socio-economic progress, announcing that 25 crore people have overcome poverty in the last eleven years, giving rise to a dynamic "neo-middle class".
Calling reform a "continuous process," PM Modi said the latest GST changes were crafted to meet the country's "current needs and future dreams."
The reforms in the Goods and Services Tax structure were approved during the 56th meeting of the GST Council.
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