ITC chief hails next-gen GST reforms as 'historic moment', says move will speed up India’s journey to Viksit Bharat

Puri welcomed PM Modi's announcement of the reforms, calling the move "far-sighted and pathbreaking" and one that would accelerate India's progress towards a 'Viksit Bharat'.

ITC Ltd Chairman and Managing Director Sanjiv Puri has described the rollout of next-generation Goods and Services Tax (GST) reforms as a "historic moment" that will make products more affordable, boost consumption and support small and medium enterprises.

In a LinkedIn post, Puri welcomed Prime Minister Narendra Modi's announcement of the reforms on the eve of Navratri, calling the move "far-sighted and pathbreaking" and one that would accelerate India's progress towards a 'Viksit Bharat'.

"The 'GST Bachat Utsav', combined with earlier bold revisions in income tax, has put Rs 2.5 lakh crore of savings in the hands of people. This will spur a virtuous cycle of consumption, investment, higher incomes and employment," he said.

According to Puri, the reforms will simplify business for millions of value-chain stakeholders, particularly micro, small and medium enterprises, small-scale and cottage industries, while also strengthening the "Swadeshi movement" to develop world-class Indian products.

"At ITC, the credo of 'Nation First: Sab Saath Badhein' inspires us to build a future-ready portfolio of Proudly Indian Brands supported by over 200 factories and 7,500 MSMEs," he added.

He also emphasised the importance of "compassionate capitalism", placing people and the planet at the core of enterprise strategy while leveraging opportunities created by the reforms.