Will GST Reforms Propel the Economy and Support MSME Growth?

Itanagar/Kohima, Sep 4 (NationPress) Chief Ministers and other leaders from several Northeastern states expressed their support for the Centre's reforms in the Goods and Services Tax (GST) on Thursday, asserting that these measures will significantly enhance the livelihoods of citizens and foster economic prosperity across various sectors, particularly among Micro, Small, and Medium Enterprises (MSMEs).

Arunachal Pradesh Chief Minister Pema Khandu and Deputy Chief Minister Chowna Mein praised the Next-Generation GST framework as a groundbreaking advancement, aligning with Prime Minister Narendra Modi's vision of improving both the ease of living and business operations. Khandu remarked in a post on X, “What started as a bold vision articulated by Hon’ble PM Shri Narendra Modi Ji during his Independence Day address has now taken tangible form.”

Khandu noted that the GST Council unanimously approved the Union Government's proposals for the Next-Generation GST reforms. He emphasized, “This transformative initiative places citizens at its center, delivering relief to farmers, MSMEs, traders, women, youth, and the middle class while enhancing efficiency, transparency, and the ease of conducting business nationwide. It is more than just a tax reform; it is a crucial move towards fortifying livelihoods and propelling India’s economic growth. I extend my heartfelt gratitude to Hon’ble PM Modi Ji and Hon'ble FM Smt. Nirmala Sitharaman Ji for guiding this historic change,” Khandu stated.

Deputy Chief Minister Mein, who participated in the 56th GST Council meeting in New Delhi, chaired by Union Finance Minister Nirmala Sitharaman, shared on X, “GST on 33 life-saving drugs and medicines has been slashed from 12% to 0%, and three critical medicines for treating cancer, rare, and chronic diseases now have a GST reduction from 5% to 0%. Additionally, the GST on spectacles and goggles for vision correction has decreased from 28% to 5%.”

Mein also mentioned, “I am pleased to be involved in a historic leap in GST reforms aimed at benefiting the common populace. As outlined by Hon’ble PM Shri Narendra Modi ji in his Independence Day speech, the next-generation GST is crafted to enhance citizens' living standards while further bolstering our economy.”

“These new GST rate reductions and reforms will aid farmers, MSMEs, the middle-class, women, and youth. These extensive measures will not only elevate the lives of our citizens but also facilitate smoother business operations, particularly for small traders and enterprises,” added Deputy CM Mein.

Tripura Chief Minister Manik Saha also praised the GST reforms, stating in a media interview that the Prime Minister had hinted at these reforms during his Independence Day speech. Expressing gratitude to the Prime Minister and Union Finance Minister for the GST rate reductions, Saha remarked, “These GST reforms will simplify life for many and provide substantial benefits. Both ordinary citizens and businessmen will reap the rewards of these reforms. The Modi government is consistently working on reforms that prioritize the interests of the common people and various sectors.”

Nagaland Chief Minister Neiphiu Rio also commended the GST reforms, asserting that these initiatives will further advance India’s economic growth. In a post on X, Rio stated, “I sincerely appreciate Hon’ble Prime Minister Narendra Modi Ji and Union Finance Minister Nirmala Sitharaman Ji for launching the Next-Gen GST Reform. This citizen-focused initiative streamlines the tax system, eases compliance, supports MSMEs, and strengthens India’s economic growth.”

Former Manipur Chief Minister N Biren Singh expressed his support for the GST reforms, stating that these initiatives will empower small businesses, create jobs, and provide relief to families. Singh commented on X, “I extend my sincere gratitude to Hon’ble Prime Minister, Shri Narendra Modi ji, for this landmark GST reform. These changes, validated by the GST Council, will undoubtedly empower small enterprises, generate jobs, and alleviate family burdens.”

“I perceive this as a pivotal moment for India’s economic strength, echoing the ongoing growth in the Northeast region as well. Hon’ble PM Shri Narendra Modi ji's leadership continues to kindle hope, and I commend this step towards advancing our nation's growth,” he expressed.

Assam Chief Minister Himanta Biswa Sarma stated on Wednesday night that the GST reforms will invigorate small and medium enterprises, stimulate job creation, enhance consumption, and, most importantly, put more money in the hands of the people. Sarma took to his official X account, expressing, “Assam conveys heartfelt appreciation to Hon’ble Prime Minister Shri Narendra Modi Ji for facilitating one of the most significant reforms in India’s GST framework, and to the GST Council for ensuring these changes are realized.”

He remarked, “The newly agreed regime will act as a supercharger for the Indian economy, energizing small and medium enterprises, stimulating job creation, driving consumption, and critically, ensuring that more money remains with our populace. Having closely monitored the evolution of GST over the last eight years, particularly during my term as Assam’s Finance Minister, I view this as a decisive moment. India’s capability to efficiently execute GST and adapt and reform as necessary stands as a testament to the Modi Government’s robust yet adaptable governance approach.