Nutraceuticals industry one of the biggest beneficiaries of GST reforms: Piyush Goyal

Hailing the GST Council’s decision on the rate cut, Union Commerce and Industry Minister Piyush Goyal said the nutraceuticals industry is one of the biggest beneficiaries of the transformational changes.

Addressing the Bharat Nutraverse Expo 2025, the minister said the reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand.

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Nutraceuticals are food products, or their components, that offer health benefits beyond basic nutrition, bridging the gap between food and medicine.

He noted that the industry can now aspire for a much greater volume of sales, creating a win-win situation for all, and further emphasised that businesses will gain from larger opportunities, while the entire GST benefit will be passed on to consumers.

In his address, Minister Goyal urged the industry to ensure that every rupee saved through the GST reduction is passed on to consumers. He emphasised that under the new structure, GST on several categories has been reduced to as low as 5 per cent, resulting in substantial savings across the sector.

He noted that this will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth.

The Minister called upon industry leaders to make a twin commitment to Prime Minister Narendra Modi — First, to ensure that every rupee saved from GST reductions is passed on to consumers, and second, to actively promote Indian products.

Goyal stressed that what truly matters is not whether ownership rests with an Indian entrepreneur or a foreign investor, but whether the products are manufactured in India. Such production, he said, generates jobs for youth, creates opportunities for communities, and strengthens the nation’s growth story. Every product made in India, he underlined, reflects the aspirations of 1.4 billion citizens and embodies the country’s journey toward Viksit Bharat 2047.

Highlighting India’s strong economic performance, he noted that the GDP grew by 7.8 per cent in the first quarter, despite global challenges and uncertainty.

He reaffirmed that India remains the fastest-growing large economy and, under the decisive leadership of Prime Minister Narendra Modi, will continue to lead global growth for the next two decades.

Reiterating the government’s vision of taking India’s GDP from USD 4 trillion to USD 30 trillion by 2047, he stressed that Viksit Bharat 2047 is a collective national commitment. It is, he said, the responsibility of every citizen to contribute to this transformative journey of Amrit Kaal.