Pralhad Joshi lists Modi Govt’s 5 major economic decisions, calls GST rate cut 'biggest reform since Independence'

Union Minister Pralhad Joshi at Network18's Reforms Reloaded event.

Union Consumer Affairs Minister Pralhad Joshi on Monday described the reduction in GST rates as the biggest reform undertaken in India since Independence. Highlighting the government’s reform agenda, he said the Modi administration has implemented a series of transformative measures that have reshaped the economy.

According to Joshi, five key initiatives stand out: the Goods and Services Tax (GST) reforms, the Insolvency and Bankruptcy Code (IBC) in the banking sector, efforts to improve ease of doing business, large-scale infrastructure development including roads, airports and ports, and the Jan Dhan Yojana with direct benefit transfers (DBT).

"As a political science student, I can say that this is the biggest reform since independence. And why it is important? Whatever the consumers are using day-to-day, that is either 0 per cent or 5 per cent..." said Joshi, the Union Minister for Consumer Affairs, Food and Public Distribution & New and Renewable Energy, while speaking at Network18's Reforms Reloaded event.

In a bonanza to consumers, the GST Council, comprising Centre and states, decided to reduce tax rates on about 375 goods and services, from September 22 -- the first day of Navaratri.

GST rate on several essential goods and services have been brought down to 5 per cent or even zero. Life-saving drugs are now tax-free, while other medicines will attract just 5 per cent. For farmers, too, GST has been reduced to 5 per cent or nil. Educational materials that earlier carried 12 per cent GST have been exempted.

Meanwhile, Prime Minister Narendra Modi said today that the next-generation GST reforms will boost savings and directly benefit every section of society, as he asserted that it is imperative to walk on the path of self-reliance to achieve the collective goal of Viksit Bharat by 2047.

In an open letter to Indians which he posted on X, PM Modi said that from September 22, next generation GST reforms have begun to make their presence felt, marking the start of a 'GST Bachat Utsav' or 'GST Savings Festival' across the country.

In his Sunday address to the nation, Modi said the revised GST rates reflect his government’s mantra of “naagrik devo bhawah” (citizens are like gods) as it will bring down the price of everyday items besides cutting expenditure in construction and health sectors.