GST Reforms to Boost Nutraceuticals Industry, Says Piyush Goyal

The nutraceuticals industry is set to grow faster after the latest GST reforms. Union Minister of Commerce and Industry, Shri Piyush Goyal, announced this at the Bharat Nutraverse Expo 2025. He said the GST rate cuts will increase consumption demand and create a win-win situation for both businesses and consumers.

GST Cuts to Encourage Higher Sales

The government has reduced GST on several categories to as low as 5 percent. This will lower product prices and encourage people to buy more. Shri Goyal urged companies to pass on every rupee of savings to customers. According to him, cheaper products will lead to higher sales and faster industry growth.

A Festival Gift for the Nation

The Minister called the GST reforms a “festival gift” from Prime Minister Narendra Modi. He reminded the audience that on 15th August, the Prime Minister had promised big changes in GST. However, no one expected such a wide range of products and services to benefit.

Two Key Commitments from Industry

Shri Goyal asked the nutraceuticals sector to make two commitments. First, pass on all GST benefits to consumers. Second, promote Indian-made products. He explained that the ownership of a company—Indian or foreign—does not matter. What matters is that the products are made in India. This creates jobs, supports local communities, and strengthens the economy.

Strong Growth Despite Global Challenges

India’s economy grew by 7.8 percent in the first quarter, making it the fastest-growing large economy. Shri Goyal said the government aims to grow GDP from USD 4 trillion to USD 30 trillion by 2047. He linked this goal to the vision of Viksit Bharat 2047, a prosperous and developed India.

He added that this journey requires efforts from all citizens. Government policies on ease of doing business, lower taxation, and improved living standards will support the mission.

Nutraceuticals for a Healthy India

The Minister praised the nutraceuticals sector for promoting good health. The industry not only helps farmers and small businesses but also improves healthcare for all. He mentioned the benefits of turmeric, ginger, and probiotics, highlighting their role in preventive healthcare.

Shri Goyal also said that Prime Minister Modi is committed to ensuring every citizen enjoys a healthy life. This includes access to nutritious food, quality healthcare, and better opportunities for growth.

Looking Ahead

Shri Goyal concluded with optimism. He said Bharat Nutraverse 2025 will mark the start of a new era for the nutraceuticals industry. With GST reforms, strong demand, and a focus on healthy living, the sector will play a key role in India’s development journey.