FM Sitharaman, Commerce Minister Goyal, I&B Minister Vaishnaw to address joint press meet on Dhanteras

Top ministers to speak at noon on how GST 2.0 has influenced festive sales and consumer confidence

Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, and Information and Broadcasting Minister Ashwini Vaishnaw will hold a joint press conference at noon on Dhanteras, with the focus on the impact of GST reforms on festive season sales and consumer sentiment, according to CNBC-TV18.

The briefing comes at a time when India’s festive demand has shown strong momentum across automobiles, electronics and FMCG, following the rollout of GST 2.0, the government’s revamped Goods and Services Tax regime that took effect on September 22, 2025.

Branded as the Next-Generation GST or GST Bachat Utsav, the new framework aims to simplify the tax structure and stimulate consumption. Finance Minister Nirmala Sitharaman has said the overhaul will inject Rs 2 lakh crore into the economy by putting more disposable income in consumers’ hands.

Early indicators suggest the policy shift is already having an impact. Automobile sales, in particular, have recorded a sharp rise.

According to LocalCircles’ consumer survey, passenger vehicle sales rose 35 percent year-on-year during the Navratri period (September 22–October 1), which concluded with Dussehra on October 2.

The rate reduction has also set off a wave of consumer spending, with state-owned banks reporting a sharp rise in retail loan demand, particularly in vehicle and consumer durable segments, during the ongoing festive season, bankers told Moneycontrol.

Officials said the jump in retail borrowing is lifting overall credit growth across the banking system and could even exceed earlier projections of 10–12 percent for the current financial year.

“The festive momentum, coupled with the GST cut, has clearly boosted consumer sentiment,” a senior public sector banker said. “We’re seeing strong traction in auto loans and in financing big-ticket purchases such as home appliances and electronics.”

The government is also keeping a close watch on whether companies are passing on the benefits of the recent Goods and Services Tax (GST) rate cuts to consumers.

According to multiple senior officials, field formations across India are tracking prices of more than 50 products to assess the impact of the revised tax structure. Any action, they said, will be taken only after these field inputs are analysed at the end of September.

“The government is monitoring whether GST benefits are being passed on. We are awaiting field formation inputs by September 28. We can't have knee-jerk reactions to fresh reforms, and have to wait for them to settle,” a senior government source told Moneycontrol.
Another official added that the data being gathered spans a wide range of categories, from daily essentials and FMCG products to electronics and building materials — to determine whether the rate cuts are translating into lower consumer prices.

Earlier, on September 19, Home Minister Amit Shah described the latest GST reforms as 'one of the biggest economic changes in independent India', calling it a 'multi-dimensional reform' and the most extensive since independence.

In an interview with Network18 Group Editor-in-Chief Rahul Joshi, Shah said the sweeping tax cuts under GST 2.0 will benefit multiple sectors and boost public trust in governance.

“Tax has never been lower. GST reforms will benefit many areas. It’s a big step that has increased people’s confidence. When the tax base widens and people pay taxes, the government reduces tax to benefit citizens,” Shah said.

(More details awaited)