According to Union Minister of Commerce and Industry Piyush Goyal, the country’s tenth anniversary of “Make in India” is a great time to set higher goals, fortify supply chains, increase resilience, and make a substantial contribution to employment, exports, and high-quality automotive production.
The new GST reforms proposed under Prime Minister Narendra Modi’s leadership were praised by the minister.
He claimed that the auto industry would greatly benefit from the historic reform of lowering the GST rates from 28% to 18%.
The agriculture industry has benefited greatly from the GST reduction to 5% for tractors. According to him, the Prime Minister should receive a standing ovation for this change since it will increase demand throughout the value chain, strengthen formalization, create jobs, and lower the cost of spare parts. He emphasized that consumers must receive the full benefits.
According to Goyal, every Indian stands to benefit from this round of GST reform, which is the largest since independence. Out of 1.4 billion people, he emphasized, not a single one will not gain from these reforms.
“Take the stones people throw at you and build a monument,” he remarked, quoting the late Ratan Tata.
According to him, obstacles should not deter the sector or the country, and with perseverance, confidence, and teamwork, India will continue to strengthen.
The minister also commended India’s tenacity during the COVID-19 pandemic, pointing out that the nation fulfilled all international obligations, from supplying vaccines and medications to more than 100 nations—many of them at no cost—to guaranteeing the supply of necessities without making a profit. He claimed that as a result, India gained international trust and is now regarded as a trustworthy and dependable partner.
In the nation’s capital, he was addressing the Automotive Component Manufacturers Association’s (ACMA) 65th Annual Session.
Read More
Today, CP Radhakrishnan will be sworn in as the new vice president