Consumption, Production, Investment, Jobs: Minister On GST Reforms' Impact
Union Minister Ashwini Vaishnaw said the GST reforms, set to come into effect on September 22, will set off a "virtuous cycle" of consumption, production, investment and employment.
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Union Minister Ashwini Vaishnaw highlighted that the upcoming GST reforms will trigger a "virtuous cycle" of economic growth across multiple sectors.
According to Ashwini Vaishnaw, the GST reforms scheduled to take effect on September 22 will initiate a beneficial "virtuous cycle" encompassing consumption, production, investment, and job creation.
He emphasized that Prime Minister Modi consistently prioritizes mindset as crucial for progress. The Minister described the PM as someone with a forward-thinking, solution-oriented approach who listens attentively and pays close attention to details.
The GST reforms are expected to deliver two significant outcomes. First, they will considerably reduce living costs, impacting everything from food and clothing to electronic products. "The second big thing is, considering our economy of Rs 330 lakh crore, with consumption at Rs 202 lakh crore and investment at Rs 98 lakh crore, this consumption figure will grow substantially. Even a 10 percent increase would add Rs 20 lakh crore to the economy, necessitating equivalent increases in production and investment. This virtuous cycle will significantly elevate our economic performance," he explained to NDTV.
Speaking on Prime Minister Narendra Modi's 75th birthday, Mr Vaishnaw recounted the PM's guidance about planning two decades ahead to facilitate India's accelerated development. He discussed various sectors including telecom, semiconductor, space, Artificial Intelligence, defence manufacturing, and quantum technologies.
"The Prime Minister's vision involves developing comprehensive ecosystems for these technologies with robust talent pipelines. When we presented the semiconductor program, he insisted not only on chip manufacturing but also on producing the machines and materials used in chip production. This reflects his holistic ecosystem perspective," the Minister stated.
Further commending PM Modi's visionary approach and clarity, Vaishnaw noted that for India to achieve developed nation status by 2047, it is crucial to establish proper foundations and build consistently upon them.
Discussing railways, which falls under his ministerial portfolio, Mr Vaishnaw explained how PM Modi has focused on accessibility, affordability, and safety. "The Prime Minister's mandate clearly prioritizes the common citizen. Introducing new technology should enhance the travel experience for ordinary people and improve safety records. This focus has enabled us to implement changes that positively impact everyday citizens," he remarked.