How Are GST Reforms Boosting Atmanirbhar Bharat and Contributing to India's Growth?
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Synopsis
Union Minister Piyush Goyal announced significant GST reforms aimed at achieving an Atmanirbhar Bharat. With reduced tax slabs and lower rates for essential medicines, these changes are set to unite 140 crore Indians towards a prosperous future by 2047. This article explores the implications of these reforms on India's growth trajectory.
Key Takeaways
- GST reforms streamline the tax structure.
- Reduction of essential medicine rates benefits public health.
- India aims for Viksit Bharat by 2047.
- Collaboration between industry and academia is crucial.
- Regulatory measures are designed to be more business-friendly.
New Delhi, Sep 4 (NationPress) The Union Minister for Commerce and Industry, Piyush Goyal, emphasized that the recent reforms in the Goods and Services Tax (GST) represent a significant advancement toward ‘Atmanirbhar Bharat’. He urged the 140 crore citizens of India to unite with a shared determination to transform India into Viksit Bharat by the year 2047.
In a groundbreaking decision, the GST Council has streamlined the indirect tax framework by reducing the existing four tax slabs to just two. The previous rates of 12 percent and 28 percent have been eliminated, while the 5 percent and 18 percent rates are maintained.
Under this revision, essential medications, health-related products, and certain medical devices will experience a reduction in rates from 12 percent or 18 percent to either 5 percent or none.
Significantly, the GST rates for 33 cancer treatments and rare medications have been slashed from 12 percent to zero.
The adjustments regarding GST rates on services will take effect starting September 22.
“The reforms in GST are pivotal in establishing an Atmanirbhar Bharat, a self-sufficient India that prioritizes the needs of its 140 crore citizens, with a collective vision of achieving Viksit Bharat by 2047, a developed nation where everyone has access to opportunities and is actively involved in India's inclusive and sustainable growth narrative,” Goyal stated during his address at the opening session of the second India MedTech Expo 2025 and the 11th International Exhibition on Pharma and Healthcare.
Goyal expressed confidence in India's capacity to overcome challenges, stating, “India stands resilient and united, possessing the assurance to navigate through any challenge. We have successfully done so in the past, and we will continue to do so in the future.”
He also encouraged various stakeholders to embrace Swadeshi, advocate for local products, and support the individuals who contribute to India's growth across the nation.
Dr. Rajiv Behl, Secretary of the Department of Health Research, Ministry of Health and Family Welfare, and Director General of the Indian Council of Medical Research (ICMR), urged collaboration between industry and academia to bolster India’s status as the pharmacy of the world.
“ICMR is eager to partner with all sectors—academia, research institutions, and the pharmaceutical and medical fields. Through initiatives like MedTech Mitra and Patent Mitra, ICMR aims to connect academia with industry, collectively working towards a Viksit Bharat,” Behl remarked.
Discussing regulatory advancements, Dr. Rajiv Singh Raghuvanshi, DCGI of CDSCO, mentioned that India is implementing numerous measures to simplify regulations.
“Our goal is to make regulations more approachable while ensuring robust execution. Recent initiatives reflect our commitment to creating a regulatory environment that is both lighter and more favorable for businesses. The global community recognizes India as a leading force in healthcare supplies,” he added.
The three-day expo will feature a wide range of exhibitions and innovations from MSMEs, startups, research institutions, future innovation pavilions, state showcases, and government initiatives.
Point of View
It's essential to highlight that these GST reforms represent a critical pivot towards self-reliance and inclusivity in India. With the emphasis on collaboration between industry and academia, and a shared vision for 2047, these initiatives align with our national goals and the aspirations of our citizens. The journey towards a developed India is not just a government endeavor but a collective effort that requires the participation of every individual.
NationPress
04/09/2025
Frequently Asked Questions
What are the main changes in the GST structure?
The GST Council has reduced the tax slabs from four to two, abolishing the 12% and 28% rates while maintaining the 5% and 18% rates.
How will these changes affect essential medicines?
Rates for life-saving drugs and some medical devices will be reduced from 12%/18% to 5% or even nil, significantly lowering costs for consumers.
What is the timeline for these GST changes?
The revised GST rates for services will come into effect on September 22.
What is the vision for India by 2047?
The aim is to achieve a developed and prosperous nation, termed Viksit Bharat, where every citizen has access to opportunities and is part of the country's growth story.
How can citizens contribute to this vision?
Citizens are encouraged to support Swadeshi initiatives, promote local products, and actively participate in India’s growth narrative.
