Union commerce and industry minister Piyush Goyal on September 3 spoke to Network18 managing director and group editor-in-chief Rahul Joshi on the recent rate rationalisation of goods and services tax regime and the impact of US-imposed tariffs on Indian goods. Goyal also shared his views on various subjects, including Opposition's concerns over revenue, push for India-made goods among others.
Here's the full transcript of Goyal's interview
Rahul Joshi: He framed it in the context of Swadeshi, he framed it in the context of quality drive and he also, you know, so that is where it all started and it has led to this. He gave a hint to us on that day that big reforms are coming. So here it is, your first reactions on this GST rationalization.
Piyush Goyal: Well, I'd like to compliment Prime Minister Modi for taking this bold decision. I see this as the most transformative step the nation has seen possibly in the last 50-60 years. This is a journey that Prime Minister Narendra Modi started right in 2014. Back then, he spoke about making in India. He was conscious that ultimately we'll have to become self-reliant. He promoted digital India, he promoted start-up India. Swachhata was at the core of his working. He started the concept of trusting the people of India.
Remember, one of the first decisions was you don't need to notarize a document. It was crazy. Xerox copy, they did a notary and you spend money, go and sit before and plead with somebody. For him, ease of doing business is the pathway to a developed economy. And ease of living is a commitment to the people of India to ensure wider prosperity and inclusive growth. And these decisions yesterday have happened over a sustained 11-year journey of taking a broken, fragile 5 economy to become the top 5 economy of the world. Soon to become the third largest by 2027.
An economy that was low on growth, high on inflation. An economy that was starved of foreign exchange with a completely broken banking system. An economy where there was no hope, investments were falling. Our passport had no respect anywhere in the world. Inheriting that from the Congress, Prime Minister Modi brick by brick, step by step brought reforms, brought changes, showed that he trusted the people of India. Focused on better quality of life for the poorest of the poor.
Through various initiatives brought social security into their lives. Got 25 crore people out of poverty. Faced the crisis of COVID admirably without letting the economy collapse as happened in many other developed nations. In fact, bouncing back so well that for 4 years now, we are the fastest growing large economy. Last quarter was 7.8% growth with only 1.55% inflation. Who could have imagined if you look back at 2014, Rahul Ji, that in a decade, this country will transform so rapidly, so beautifully.
And a foundation will be created on which a 4 trillion dollar economy aims to become a 30 trillion dollar economy by 2047. That, I think, is Prime Minister Narendra Modi's very astute handling of the economy. And this transformative steps that he had alluded to in his 15th August address. Of course, it's a labor of love. It's happened over many months of hard work. The finance ministry, Nirmala Ji, the groups of ministers from the states, the groups of secretaries, all working, recognizing that now compensation sets will no more be required. We got the elbow room to be able to give this huge bonanza and give our consumers the opportunity to spend more and give a boost to the Indian economy.
Joshi: So we'll discuss all these points one by one. But first, let's stay with GST for a moment. Do you think, there was also income tax cuts for the bonanza for the middle class in the last budget, followed by now rationalization of GST, a longstanding demand. Like you said, it's taken months of work on it. Are you sure that this is going to spur demand, spur consumption, and also eventually investment?
Goyal: It's very logical, Rahul Ji. Take, for example, the reduction in cement from 28% to 18%.
Joshi: Yes.
Goyal: It suddenly brings down the cost of real estate and building a home. Prime Minister Modi has already provided a free home to 4 crore brothers and sisters, families in the country, another 2 crores more in the coming 4 years, 4-5 years. A reduction in cement price also helps the middle class now become, get the ability to own an affordable home. When you reduce the price for tractors, tractor parts, all other farm equipment, you are helping the farmer modernize, helping him improve his productivity.
When you make the two-wheeler cheaper or a small car cheaper of 1200cc, the aspirational middle class, the young men and women who wants to have a two-wheeler, gets encouraged and is able to afford to buy a two-wheeler with interest rates also simultaneously coming down thanks to low inflation and loans becoming cheaper and easily available in a strong banking system that we have today, not what we had in 2014. When the housewife goes out into the market, almost every product of daily use, all food products, all processed goods, foods, all material that is required for a kitchen, foodstuffs, utensils, everything will see a transformational reduction in prices. An industry has committed to us that they will make sure that the full benefit is net of input taxes is passed on to the consumers. So consumers are in for significant gain and I am very, very confident.
Joshi: And how are you sure of that? How will you ensure that the industry… There have been cases of profiteering in the past.
Goyal: Few and far between. Otherwise, our experience is you can trust industry. Prime Minister Modi's biggest strength has been that he has trusted industry and they never let him down. Similarly, the people of India have trusted Prime Minister Narendra Modi and we have never let them down. So I think it's a two-way trust. Industry has across the country, every sector, assured the government that they will be with the government. They recognize lower taxes, lower prices will give buoyancy to demand and higher demand leads to higher taxes and ultimately higher demand also promotes more investment because the demand leads to more manufacturing in India. So it's a virtuous cycle of growth and the multiplier impact is what will give India a big boost.
Joshi: Okay. Let us also talk a little bit about the revenue implication or the revenue impact that this might have. You know, by one estimate, about 48,000 crore would be the revenue impact. Do you see that, you know, we will be able to take care of this, and any kind of fiscal slip that you see going forward?
Goyal: Rahul Ji, we are currently collecting nearly 2 lakh crores every month and with this boost in demand, the revenue will probably go up rather than being a revenue loss.
Joshi: So you are expecting some amount of revenue buoyancy as a result of this.
Goyal: 100%. It is always so and I think every theory, economic theory suggests that. And for that matter, in 2 lakh crore a month, so 24 lakh crore, 22 lakh crore collected in a year, this is hardly a very consequential amount.
Joshi: If you look at the Q1 GDP numbers at 7.8, it's a five quarter high. How do you react to these numbers, especially in the context of someone calling it a dead economy?
Goyal: Well, I think Mr. Rahul Gandhi has been a naysayer and a person who could never understand economics. We have seen that over the years. He sees ghosts where there are none. He cannot appreciate that the people of India are seeing significant improvement in their lives. He has not yet been able to reconcile that the people of India have voted him out three times in a row. It's a rocket that somehow seems to fail every time it tries to take off.
Mr. Rahul Gandhi actually hurt the sentiments of 140 crore Indians who can see the improvement in their lives, who can see that Prime Minister Modi has reduced their income tax, who can see that Prime Minister Modi is providing 80 crore Indians even after they have come out of poverty with free food grains, who can see that the fertilizer prices haven't gone up in 11 years because Prime Minister Modi has made sure that any burden of increase in taxes and there have been a huge increase in fertilizer is borne by the central government. Prime Minister Modi is a sensitive human being, very, very concerned and caring for the last man at the bottom of the pyramid.
Right from day one, he worried about their social security. Right from day one, he committed his government to the poor, to the marginalized sections, to the unbanked sections of society. After all, what was Jandhan account? He made the bank doors open for every citizen of this country. What was Ayushman Bharat? And finally, when everybody above 70 getting free healthcare. So today, 65 crore, 62 to 65 crore brothers and sisters and everybody above the age of 70 included is eligible for free healthcare. With the reduction of premium, GST on premium on life and health policies from 18% to 0.
It's a massive reduction. The middle class will get an ability to buy more insurance and secure their future, their health and an unfortunate incident in their lives or anybody in their family's lives. So I think it's a very concerted effort over the years in a very smart fashion while making sure the sanctity of the fundamentals of the economy remains strong while making sure we don't slip back but only power on for a brighter and brighter future for every Indian in India.
I think Prime Minister Modi has clearly shown that good economics can also be equal to good politics. The old adage of the Congress which itself used to always be looking at very very low ambition ideas which was full of scams and scandals: the Colgate, the Telecom scam, the Commonwealth game scam the antics—they must, the list goes on and on. Prime Minister Modi in 11 years has run an honest government and honest government will always have money to spare to give benefit worth over 2 lakh crores in one shot through the reduction of GST.
Joshi: So will it give some comfort to the markets as well? They have been slightly soft over the last few quarters. Do you think it will also give marketmen a reason to celebrate because bold reforms are on the way that this government is not hesitant to take risks?
Goyal: I think very clearly the market recognises that we are in safe hands. They recognise that a decisive strong leader like PM Modi will always take, keep national interests ahead of everything else. And therefore if you see, while they have been a little soft but they have been range bound. Between 24,500 and 25,500 the Nifty has moved. But I am very confident that this and the impact of this starting on the first day of Navratri on 22nd September will give a big leg up to the economy, to GDP growth, will ensure that Indian investments continue to power on, will attract more people to set up base because ultimately when there is demand there will be interest in investment to meet that demand. And a growing demand means growing jobs. Growing number of people required in the supply chain. More investments will lead to jobs in the manufacturing side. Services is already growing in a double digit level. You saw the numbers, the services PMI is at an all-time high almost. So I think all in all, India is poised for a very bright future. I assure you our exports also this year will be higher than last year.
Joshi: Let's come to that. So I think, let me rewind a little bit and come to what you have been dealing with and you have been at the centre of all of it. Till about July 6th or 7th things seem to be going fine in our negotiations with the US. Then in a matter of weeks, we had a tariff of 25%. Then another 25% on top of that. What went wrong in these few weeks?
Goyal: Well, I think the US-India relationship is one of the most consequential relationships on the globe today. We are two very large democracies. We believe in the rule of law. We are allies and friends for long. We have had certain blips like we had the sanctions post the nuclear tests in 1998. I look at this only as one more situation which will pass as there is a deeper understanding of the reality of the situation. And I am very confident this relationship will only strengthen in the years to come.
Joshi: And how soon do you expect things to resolve?
Goyal: It could happen soon enough. It may take some time. Irrespective, we will continue to be friends. We will continue to be engaged with the United States. And I am sure we will continue to have greater economic relationships, defence relationships, greater interest in a safe, fair and secure Indo-Pacific. In some sense, it's a very multi-dimensional relationship where we contribute to each other's economies in different dimensions and will continue to do so.
Joshi: It's comforting to hear these words from you. And we also picked up that you said somewhere that things could happen as soon as November. Is that correct?
Goyal: Well, if you recall when Prime Minister Modi and Honorable President Donald Trump met in February, they had tasked the two teams to conclude the first tranche of a bilateral trade agreement by fall of 25, which is about November 2025. And I am sure we will continue to be engaged to try and find solutions to reach that outcome. If at all it's given, take a few days, a few weeks, a few months. In a nation's history, such small periods will not define long-term objectives and goals.
Joshi: I think what surprised and even shocked some people was the erratic and incendiary language that was used by some of the officials of the Trump administration. You know, calling it Modi's war or a laundromat of Kremlin. I mean, how do you react to this? I mean, are conciliatory noises coming from the other side now?
Goyal: I think there could be either some misunderstandings or some personal opinions that may be reflected in that. I do not think that deters the US and India from continuing to maintain a strategic alliance and partnership. Our friendship is far stronger than a few comments that may be made by a few people.
Joshi: China in the beginning had retaliated with retaliatory tariffs. Would India do anything like that?
Goyal: Well, India is a patient country and I believe we should give it every effort to come to a better, deeper understanding within the framework of international trading laws. And therefore, I think we have always believed in dialogue, in diplomacy and an effort to strengthen rather than weaken relationships.
Joshi: So, President Trump has recently said that, you know, India has offered to cut tariffs to zero and time is running out. What do you say to that? Do you agree with...
Goyal: Well, I never negotiate such agreements and free trade deals with the media. We negotiate behind closed doors and once the negotiations are complete, we'll suddenly come back to it.
Joshi: Okay. So, what are the red lines? Which are the no-go areas for you? You know, things that we will not compromise on.
Goyal: I think any issue that can hurt national interests, that can hurt the interests of our farmers, our fishermen, our MSME industry, issues which are sensitive with religious sensitivity, those would be broadly the issues where India would need a more understanding when we finalize the framework of our agreement. And we will never compromise on the interests of our farmers, our fishermen, our MSMEs or our religious sensitivities.
Joshi: Okay. Thank you. A US court has recently ruled that President Trump has no authority to impose tariffs including on India. How would that impact our talks going forward?
Goyal: Those are internal processes, legal processes in the US and will be sorted out by the US government. We have no role to play in that. But ours is an effort to reach a far more sustaining and long-term, fair, equitable and mutually beneficial agreement and partnership and we continue to be focused on that.
Joshi: Okay. Piyush Ji, let's move to some of your priority areas. Take us through your thinking, some of the things that you are doing. For instance, the Jan Vishwas Bill. Can you throw some light on that? You know, what is priority for you and the government at the moment?
Goyal: Rahul Ji, Honorable Prime Minister from day one has been focused on making the life of businesses and common people simpler and easier. If you recall, a simple thing like notarizing a Xerox copy. He removed the need to go to a notary and get a stamp and a signature and pay him 25 rupees to get that certificate. I don't know what that achieved. Prime Minister Modi just did away with it. He said, I trust my people. If they are signing that this is a true copy of the original, I trust them. If you recall, there have been so many scandals and people have been in jail for scandals around government jobs. In Prime Minister Modi's regime, no such scandals because he simplified and made the whole process totally transparent.
For example, now the class 3 employees don't have to go through an interview. It's on merit based on their written exam and their academic performance that they can get a job. The whole nation today has the confidence that those who desire to have a government job or a job in the railways or a PSU will not be discriminated against. Nobody has to use influence or any rent seeking to get a job. This honesty in government has helped us earn the trust of the people and Prime Minister Modi has always trusted the private industry, business, entrepreneurs, youth, the people of India, the citizens of India. And therefore, throughout his tenure, he has tried to decriminalize laws. For small misdemeanors, you don't need to go to jail.
There used to be a law at one point of time that if an employee of the Delhi Municipal Corporation, a sewage cleaning employee or an employee who was involved in swachhata in the Delhi Municipal Corporation was absent for one month, he could go to jail for that. Now, those kind of obsolete laws needed to be addressed and he has removed over 1500 obsolete laws. We have identified many more which we plan to remove. He has decriminalized several sections and provisions of the law through Jan Vishwas Bill, one which is working admirably. Now, we have come out with Jan Vishwas Bill 2 and Jan Vishwas is a two-way Vishwas. The government trusts the people of India because the people of India trust Prime Minister Narendra Modi and his government.
And it is that trust which encourages us. The second Jan Vishwas Bill already has 355 provisions being decriminalized and he has directed us to look for many more. And you will be happy to know my department has already identified 500 more. Which can be decriminalized. Similarly, we are looking at reducing compliance burden, making process and procedures simpler, reducing the paperwork, bringing things online. The idea is that businesses focus on their business. Industry focuses on industry. Traders focus on giving good service to their consumers. Make it easier to do business. Similarly, make the life of the common citizen easier, happier, more self-satisfying, more contained. And I think ease of living is at the core also of the GST reforms.
Joshi: Absolutely, I think compliance is at the core of this. One more thing about, what is your message to the exporters? The real pain in the short term is being felt by them. Will you make it somewhat possible for them to sell in India? Will it be a possibility? And what steps are you taking?
Goyal: Well, fortunately the timing of the GST reduction at such massive levels couldn't have been better. This will give a big impetus to domestic demand which will help some of the exporters who may lose a part of their business.
Joshi: Will you make it easier for them to do so?
Goyal: No, we are even trying to make connects. So, for example, when I recognized that garment industry could face some stress, I called up the Tatas who run the whole studio and the website. And I'm going to be talking to all other high street malls or retail large scale outlets to see if they can help these garment exporters by buying their produce and making it available at affordable prices. So, high quality at affordable prices now reduce GST rates and make it a great story.
Joshi: So, you will remove the restrictions and then to sort of...
Goyal: Absolutely, we are trying to make it easier that they can supply in the domestic market. It's a part of one of the reforms we are working on. Similarly, I'm in dialogue with 50 countries. Our missions are working in 50 countries which we have identified through data analytics and artificial intelligence on the data of import and export of all other nations to identify where our products which will need a market can be offered. And in lieu of that what we can buy from those countries who may also be stressed similarly.
So, for example, the UAE minister and I over our meetings on Friday, Saturday, last week identified people, identified areas. He already connected us with his people there who can help our textile sector get an entry into the Gulf and into all of Africa. He sent me connects with the seafood industry there. I'm mounting a delegation to visit UAE to meet, connect with those people. 18, 19 we have the high level task force on investments dialogue in UAE where I'll be taking a large business delegation. Identified sectors where we can support our exporters to get new markets.
We'll be looking at fast tracking our free trade agreements in other regions. We are doing a second tranche in Australia. We'll soon announce closure of Oman. New Zealand will also close by the end of the year. My commerce secretary was in Brussels last two days. Their teams are down on Monday for the next round of negotiations. The trade commissioner of European Union, Maros Sarkovic, will be in India on the 11th and will be spending three days together to speed up and conclude the European Union FTA.
So, I have the four nation FTA, EFTA, Switzerland, Iceland, Norway and Liechtenstein which comes into effect as near as 1st of October. As soon as Navratri gets over or on the last day of Navratri, we'll have the FTA agreement come into force. UK has been executed. Oman will be announced. Chile, Peru, Eurasia terms of reference are finalized. By 4th or 5th of October or 6th of October, I am in Qatar to finalize terms of reference with Qatar. The prime minister of Singapore is in India today.
Joshi: Yes, I believe you had lunch with him?
Goyal: We had lunch and we had extensive discussions with their teams to see what we can do and they have already committed to taking more chicken and eggs and poultry. I talked to them about seafood and they said we love the taste of Indian fish and Indian shrimp. So, I have told them to my high commissioner who returns tomorrow to put together a group of seafood importers and I'll mount a delegation to Singapore very soon. Similarly, Latin America, huge potential for our exporters. So, sky is the limit. This will help us expand and as I said earlier, exports this year will be higher than last year.
Joshi: How do you say that? You know the various estimates that exports are 90 billion dollars and they probably come down to 50 billion dollars. We in fact informally chatted about it. So, how much have you achieved so far and then what is the target?
Goyal: You know, sometimes I wonder at all these so called experts and economists, friends from the media coming up with such calculations which I would say would have otherwise been ridiculed as elementary mistakes. You know that famous elementary my dear Watson. This is that moment. We've already had five years figures in our hand from April to August. Even to the United States, our exports have already crossed 40 or 43 billion dollars. Already crossed which was 86 last year and we still have seven months to go. The reciprocal tariffs are not across the board. They are on about 55 or 60 percent of the exports.
Similarly, newer trading arrangements are coming into play. Newer markets are opening up. The actions on tariff are on many other countries. So, which opens up opportunity for many other countries to provide us some goods that we may require in return for taking from us the goods that they require. So, I am already, that is what I alluded to. We are looking at 50 nations and where we have trade complement that. So, services exports continues to grow across the world. The US is a very small share of our services exports. So, I think we are in a sweet spot. Tourism is growing. International tourists are coming in large numbers. I am very confident that our exports this year will be more than last year.
Joshi: You make a very big point here. Any impact on GDP, Piyush Ji? By various estimates, people are again saying 10 basis points to about 100 basis points could be the impact on GDP.
Goyal: Well, anybody who said 100 basis points, I think you should really bring him on to your show and ask him to justify that. India is predominantly a domestic economy. Our exports as a part of our overall GDP are still relatively small. And our imports are much larger than our exports. So, actually imports are deflating the Indian GDP growth. Keeping that in mind, I will give you a comparable. COVID, we saw exports fall because of the overall world situation. Do you know imports fell far more than exports? And we actually landed up with a trade surplus during COVID.
So, Indian economy is a very complex economy. And therefore, I do not think that the impact on the GDP will be significant. Whatever little impact it could have. And drill it down. Drill it down to the goods affected by GST. Within that you will find gems and jewelries. 13 billion dollars. What is the value at? Still very small. And it is an area where I look for alternate markets in the Gulf, for example. I'm going to be able to make up several products which will have a huge increase in demand domestically. We will make up for that.
The value at, if you see holistically, on the total exports impacted by one nation's action are not significant enough to hurt the Indian GDP story which is the world's fastest growing large GDP. I am very confident that collectively with the effort of 140 crore Indians, now committed to go Swadeshi. Now very very charged that I will buy goods made in India. And Prime Minister Modi has very nicely defined it. He said, desh ki mitti mein bana maal aur desh ke hamare bhai bhenon ke khoon paseela se bana wa maal. Yani, goods made on Indian soil by the sweat and toil of our Indian labour, Indian workers.
The ownership doesn't matter. Let the investment come from all over the world. As long as it adds jobs, economic activity in India, it's a made in India product. And by the way, if you see Prime Minister Modi's work, you will see in that the vision and mission of Mahatma Gandhi. Mahatma Gandhi wanted swachhata. For years the nation yearned for that swachhata, desired it but never saw it. We would praise Singapore, we would praise other parts of the world, Europe, America, UAE. But nobody did anything about swachhata till Prime Minister Modi came into power. Mahatma Gandhi's mission used to be swachhata. Mahatma Gandhi wanted everybody to have a decent place for their daily routines.
Pradhan Mantri Modi built 12 crore toilets, took a toilet to every school, every college so that nobody has to face the ignorance of going into the fields for their daily routines. Mahatma Gandhi always spoke about swadeshi. He actually built the freedom movement around swadeshi. Lokmanya Tilak was a big proponent of swadeshi. Mahatma Gandhi ji, Sardar Vallabhbhai Patel, they all promoted khadi. After independence the first Prime Minister to promote khadi, or rather I would say the second after Lal Bahadur Shastri is Prime Minister Modi. And relentlessly he has promoted khadi, relentlessly he has been in the pursuit of swadeshi. And now the nation has risen as one to promote swadeshi. I appeal to your channel, all our Indian brothers and sisters, all viewers of Network18, please commit yourself to swadeshi. Please commit yourself to buying made-in-India goods. Whatever may have happened in the past is fine. At least in the future, let's all go for swadeshi.
Joshi: That's a very passionate call for that. Just a couple of more questions. One around our newfound friend China. Prime Minister Modi in Japan said that China and India have to come together for a new global economic order. Can we trust China?
Goyal: Well, I think we've always had good relations over many years with China. Prime Minister Modi has visited China earlier. President Xi Jinping has come to India. Unfortunately, the incidents post Galwan had brought a little bit of ice to the relationship and created a hiatus. Now that we have been largely able to resolve the issues of disagreement with China, I think it was very natural that we should also reset our ties, take them to the pre-Galwan level. And I think attending an SCO summit where many countries were all getting together had a multilateral dimension also and a dimension of a whole grouping because SCO is a pretty large group just like many other groups in the world. NATO is a very large group. The OECD countries is a large group. SCO is a large group. And Prime Minister Modi attending the SCO there has signaled that we have a thaw to get back into better relationship. India believes in good relationships with everybody in the world. Vasudev Kutumbakam. The world is our family is at the core of our philosophy.
Joshi: Well, it was a huge message, Prime Minister's visit and his coming together with Putin and Xi Jinping. You know, in China…
Goyal: I would only urge you and the people of India not to look at the relationship with one country through the lens of the relationship with another country. Our relationships with each country stand on their own legs.
Joshi: I was coming to the point, we have a huge trade deficit with China. So how do we ensure greater access to Indian goods and services?
Goyal: Prime Minister Modi has raised this issue in his dialogue with his counterpart in China. And we will be looking to work together to see how we can expand opportunities for Indian businesses in China and how we can work to collaborate and work together to see that the Make in India program and Swadeshi manufacturing gets a boost in the years to come.
Joshi: So by the same token, you know, Press Note 3 puts fetters on Chinese investments in India. So with relations improving, do you see any changes in Press Note 3?
Goyal: Well, I would allow time to take the decision. I would not like to preempt what will happen in the future. But I can assure you that Prime Minister Narendra Modi is looking at everything that can help ease of doing business and ease of living. He's looking at it very holistically for comprehensive, fast-paced next-generation reforms and the massive GST concessions, the massive GST reduction, the transformational story around yesterday's GST decisions is only the beginning of much more to come.
Joshi: A couple of more questions, small questions. You know, in light of this, trade diversification going forward is really important for India. So you recently done a big deal with UK. How are you seeing, you know, what is it in the works with EU? Can we hope?
Goyal: Very rapid progress. Very rapid progress. My Commerce Secretary has returned yesterday. He reported that discussions made good progress and a lot of work has happened. Their team is here in the same office next door rooms. You'll have eight rooms full of bilateral meetings going on for settling many chapters, many legal aspects and issues of discussion over the whole of next week. The Trade Commissioner, Maros Sharkovic, is landing in India on 11th. We have three days of very, very intense discussions ahead of us. And we are very confident of having a very good, fair, equitable and balanced, sustaining long-term relationship with the EU.
Joshi: And soon.
Goyal: Quite soon.
Joshi: My last question. Does it worry you that, you know, rupees at an all-time low against the dollar? Scott Besant also referred to it recently. How would you react to that?
Goyal: Well, we are monitoring the situation. And we are very confident that things will get back to normal in the near future.
Joshi: Okay. Thank you, Piyush Ji. Thank you for your time. Thank you for a discussion on a range of issues. And on a day when we have just had this major GST rationalization. Like you said, one of the most monumental reforms of the Modi government. Thank you so much.
Goyal: And one of the most monumental and transformational reforms since independence.
Joshi: Point taken. Thank you so much.
Goyal: Thank you. Namaskar.
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