How Are GST Reforms Enhancing the Economy and Lives of Common Citizens?
Click to start listening
Synopsis
Discover how GST reforms are reshaping India's economic landscape and benefiting its citizens. N.K. Singh and Finance Minister Nirmala Sitharaman discuss the positive impacts on purchasing power, investment climate, and economic resilience amidst global challenges.
Key Takeaways
- The GST reforms are enhancing purchasing power for citizens.
- India's business environment is improving significantly.
- The country has immense investment opportunities available.
- India is on track to become the world's third-largest economy.
- The current economic period is a turning point for India.
New Delhi, Oct 3 (NationPress) N.K. Singh, the Chairman of the 15th Finance Commission and a prominent economist, stated on Friday that the Goods and Services Tax (GST) reforms have delivered considerable relief to ordinary citizens while enhancing India’s business and investment climate.
While attending the 'Kautilya Economic Conclave 2025', Singh remarked, “The benefits of the GST reform are becoming evident. It has boosted purchasing power and eased the burden on everyday people. Additionally, it has greatly improved the business landscape and facilitated a better environment for investment.”
Singh also pointed out that India's vast untapped market presents tremendous opportunities for both private investment and public-private collaborations.
He referred to this period as a “turning point,” where various positive cycles are helping India tackle upcoming challenges.
The economist reaffirmed that India continues to be the fastest-growing economy globally, laying a solid foundation as it progresses towards becoming the third-largest economy in the world.
As per official statistics, India’s real GDP growth for the April-June quarter was recorded at 7.8 percent, and the Reserve Bank of India (RBI) has updated its growth forecast for FY 2025-26 to 6.8 percent, which economists view as a significant achievement.
During the same event, Finance Minister Nirmala Sitharaman highlighted India’s resilience in the face of global uncertainties. She noted that despite fluctuating global circumstances and evolving international trade regulations, the strength of the domestic economy has allowed India to grow swiftly and absorb external shocks.
She emphasized that India's strong domestic factors mitigate the effects of global unpredictability.
“We are navigating a changing global landscape that resembles a zero-sum game. The Indian economy is robust and continues to grow sustainably,” said FM Sitharaman during her inaugural address at the ‘Kautilya Economic Conclave 2025’ in the national capital.
“By 2047, achieving Viksit Bharat through self-reliance does not imply isolating ourselves. We must aim for an 8 percent GDP growth to reach our target as a developed nation,” the finance minister noted.
Point of View
It's essential to recognize the transformative impact of GST reforms on India's economy. The insights from N.K. Singh and Finance Minister Nirmala Sitharaman highlight a positive trajectory in economic growth, resilience, and investment opportunities. This narrative underscores the ongoing evolution of India's economic landscape, benefiting both citizens and businesses alike.
NationPress
03/10/2025
Frequently Asked Questions
What are the key benefits of GST reforms?
GST reforms have increased purchasing power, improved the business climate, and facilitated a better investment environment for both domestic and foreign investors.
How has India's GDP growth been affected by GST?
India's real GDP growth in the April-June quarter was 7.8 percent, and the RBI has revised the growth forecast for FY 2025-26 to 6.8 percent, indicating positive economic momentum.
What is the significance of the Kautilya Economic Conclave?
The Kautilya Economic Conclave serves as a platform for discussing critical economic policies, reform impacts, and future growth strategies in India.
