India is the fastest growing big economy of the world in times of turmoil: Goyal

THEBUSINESSBYTES BUREAU

NEW DELHI, SEPTEMBER 4, 2025

Union Minister of Commerce and Industry, Piyush Goyal, on Thursday asserted that India continues to be the fastest growing large economy in the world despite global turbulence, driven by transformative reforms and decisive leadership. Speaking at the Bharat Nutraverse Expo 2025, he said that the nutraceuticals sector is among the biggest beneficiaries of the landmark changes in the Goods and Services Tax (GST) announced yesterday.

“The reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand. The industry can now aspire for much greater sales volumes, creating a win-win situation where businesses gain larger opportunities while consumers enjoy lower prices,” Goyal said. He urged companies to ensure that every rupee saved through tax relief is passed on to the people.

The Minister pointed out that under the new structure, GST on several categories has been reduced to as low as 5 percent, which he described as a strong demand booster. He called on the industry to make a “twin commitment” to Prime Minister Narendra Modi—first, to pass on the tax savings to consumers, and second, to actively promote products made in India. “What matters is that products are manufactured in India, creating jobs for our youth and contributing to the nation’s growth story,” he said.

Goyal also underlined India’s strong economic fundamentals, noting that the GDP grew by 7.8 percent in the first quarter, reinforcing the country’s position as the world’s growth engine. “Under the visionary leadership of Prime Minister Modi, India will continue to lead for the next two decades,” he said, reiterating the government’s goal of taking India’s economy from USD 4 trillion to USD 30 trillion by 2047.

He described Viksit Bharat 2047 as a collective mission of 1.4 billion Indians, calling it the duty of every citizen to contribute to the journey of Amrit Kaal. With reforms in ease of doing business, lower taxation, and improved quality of life, Goyal said the nation is on course to provide every child with access to world-class education, healthcare, and infrastructure.

Highlighting the role of the nutraceuticals sector, he said it is not only boosting farmers, MSMEs, and local communities but also contributing significantly to preventive healthcare. From turmeric and ginger to probiotics, he emphasized the sector’s role in promoting a healthier India.

Concluding his address, the Minister expressed confidence that Bharat Nutraverse 2025 will mark the beginning of a new growth era for the industry while making a vital contribution to India’s march towards prosperity and self-reliance.