India is a country where culture eats strategy for breakfast. As executives working in a vibrant economy, we have seen, experienced and created so many such moments for our brands and organisations, where understanding of culture has spurred differentiation and growth of our businesses.
Prime Minister Narendra Modi, addressed the nation on the benefits of GST 2.0 which comes into effect today. It is also the day, when the Navratri Festivities begin to stir and spur celebration, consumption and consumer savings.
Nine days, nine forms
Navratri, is a celebration of renewal, aspiration, and transformation. Each of its nine days honours a different form of The Mother Goddess - Maa Durga, embodying purity, balance, strength, and compassion. This year, GST 2.0 adds a tangible layer to this spiritual narrative: by lowering tax rates across a wide basket of essential and aspirational goods, the government is giving households and businesses alike a reason to celebrate. Together, they create a ‘Bachat Ka Mahotsav’ — a festival that marries cultural reverence with economic prudence.
Just as India invokes one goddess on each day of Navratri, I have tried to create a warp and weft around the deity of the day and a product category where GST 2.0 has lightened financial burdens. I have also tried to reflect on the broader implications for consumption, sectoral growth, and market strategy.
Knowledge (Vidya), they say powers prosperity (Laxmi). So what begins in Dusherra, could take off and land us a very prosperous Diwali. Here is how, I see the jugalbandi of divinity and economic progress playing out across sectors on different days.
Day 1 – Maa Shailputri: Dairy Staples (Milk, Paneer, Curd)
Maa Shailputri, the daughter of the mountains, represents purity and natural abundance.
Under GST 2.0, dairy staples like milk, paneer, and curd have been moved to the 0% slab from 5%. For an average household spending ₹2,500 a month on dairy, this means saving around ₹125 every month. Dairy is a non-negotiable part of the Indian diet — from a glass of milk for children to curd at lunch — and making it tax-free reflects the goddess’s symbolism of nourishment without burden.
For businesses, lower taxation stabilises demand, smoothens FMCG supply chains, and strengthens consumer trust in affordable essential goods.
Day 2 – Maa Brahmacharini: Edible Oils & Ghee
This goddess embodies simplicity, sacrifice, and sustenance.
Cooking oils and ghee, integral to Indian kitchens, have seen GST fall from 12% to 5%. A household using ₹2,000 worth of oil and ghee monthly saves about ₹140. At a time when edible oil inflation often pinches pockets, this reform offers real relief. Just as Maa Brahmacharini sustains with austerity, reduced GST ensures sustenance at a lighter cost.
For the market, these reductions reinforce stable consumption patterns, giving producers predictable demand and the flexibility to innovate on pack sizes, and deliveries. What they start now can be a framework for festivities of Diwali as well.
Day 3 – Maa Chandraghanta: Packaged Snacks & Cereals
Maa Chandraghanta symbolises balance, readiness, and protection.
Packaged foods like breakfast cereals, pasta, sauces, jams, and namkeens have seen GST reduced from 12–18% to 5%. A family spending ₹1,500 on these products can save up to ₹150 a month. For working parents and students, such packaged foods are not luxuries but time-savers. The tax cut strikes a balance between convenience and affordability, echoing the goddess’s protective energy.
For businesses, this translates to higher category growth, increased product penetration – in urban / rural markets, and stronger volumes for manufacturers and retailers alike. Those who wish to innovate, will bring-in newer category of customers or increase frequency of consumption or move many more into the premium baskets.
Day 4 – Maa Kushmanda: Personal Care Products
The goddess who brings vitality to the universe, Maa Kushmanda represents health and energy.
Under GST 2.0, personal care products such as soaps, shampoos, hair oils, and toothbrushes now attract 5% GST instead of 18%. For households spending ₹1,200 monthly, the saving is about ₹156. Hygiene is no longer a discretionary spend but an essential one. By cutting costs on these basics, GST 2.0 strengthens the foundation of public health, resonating with Maa Kushmanda’s life-giving force.
This translates into higher adoption, faster trial of new products, and deeper consumer loyalty. Perhaps, we can see more retailing of male personal care products, with prominent displays. Self-care is the beginning of progress, and we need more to come under its shade.
Day 5 – Maa Skandamata: Televisions and Appliances
Maa Skandamata is the nurturing mother who represents guidance, aspiration, and support.
Televisions, air conditioners, dishwashers, and similar appliances have seen GST fall from 28% to 18%. A ₹40,000 television now costs about ₹4,000 less, and an AC worth ₹50,000 is cheaper by ₹5,000. While not protective in the traditional sense, these products enhance household comfort, modern living, and productivity — nurturing aspirations in line with the goddess’s spirit.
For consumer durables companies, these reductions stimulate demand during festive seasons, encourage urban and semi-urban adoption, and support retail expansions. Some of the BFSI folks will have their Consumer Durable Loans Businesses, increasing its OTP demand!
Day 6 – Maa Katyayani: Two-Wheelers and Small Cars
Maa Katyayani, the warrior goddess, symbolises strength and mobility.
Vehicles — from two-wheelers to small cars — are central to Indian aspirations and livelihoods. GST has dropped from 28% to 18%. A two-wheeler worth ₹1 lakh is cheaper by ₹10,000, while a small car priced at ₹5 lakh saves buyers ₹50,000.
This change empowers mobility, facilitates career and business opportunities, and boosts the automotive sector. Manufacturers, dealers, and financing companies experience positive ripples as affordability drives higher sales and turnover. I am given to understand, that manufacturers are increasing the front-line staff. And advertising agencies will be on an overdrive on communication deliveries.
Day 7 – Maa Kalaratri: Eyewear (Spectacles and Corrective Lenses)
Maa Kalaratri is known for removing darkness and granting clarity.
Eyewear, previously taxed at 28%, now comes under the 5% slab. A pair of spectacles worth ₹2,000 now saves the buyer about ₹460. For students, seniors, and working professionals, eyewear is not a luxury but a necessity.
For the healthcare and optical retail sectors, lower taxes translate into increased access, higher purchase frequency, and stronger demand for complementary services like eye testing and optometry. If the sun shines, bright given an extended monsoon, the “shades “will spike up the revenues too. We know of a famous brand launching their 2.0 Version of AI powered Sun-Glasses.
Day 8 – Maa Mahagauri: Life-Saving Medicines
Compassionate and healing, Maa Mahagauri represents relief and purity.
Life-saving medicines have been exempted from GST entirely, moving from 12% to 0%. For patients spending ₹5,000 a month on critical drugs, the saving is ₹600. This eases the emotional and financial burden on families battling illness.
For pharma companies and healthcare providers, this policy ensures greater reach, higher consumption of essential medications, and improved public health outcomes — an alignment of policy, welfare, and business growth. Also, an opportunity for us to wish for speedy recovery of those who are under care. Our economy, would also need some tender loving care to bounce back some of the other geo-political headwinds.
Day 9 – Maa Siddhidatri: Footwear (under ₹1,000)
The goddess of fulfillment and achievement, Maa Siddhidatri brings empowerment and mobility.
Footwear priced under ₹1,000 now attracts 5% GST instead of 18%. For a family buying ₹3,000 worth of shoes annually, the saving is about ₹390. Footwear enables people to go places, run, and achieve milestones — reflecting the goddess’s blessings of practical empowerment and fulfillment. Those priced above Rs.3000 too can become an impulse purchase.
Increased footfall, higher volumes and growth in urban, semi-urban and rural markets are the paces to go. The upcoming marriage season, would also have its impact on the ties amongst laces.
9X9 : What It Means for Households and Businesses
When we put these nine categories together, the impact is significant. A middle-class family can save ₹500–700 every month on essentials like food, dairy, oil, snacks, and personal care. Large purchases like TVs, ACs, vehicles, or medical bills bring savings that run into thousands or even lakhs. For businesses, GST 2.0 is a strategic accelerator:-
• FMCG: Higher adoption of essentials and personal care products drives volume growth.
• Consumer Durables: Reduced taxes fuel festive-season sales and urban expansion.
• Automobiles: Increased affordability supports vehicle sales, financing, and aftermarket growth.
• Healthcare: Reduced costs improve access to medicines and medical devices, boosting domestic pharma and optics sectors.
• Employment: Increased production and retail demand generate temporary and permanent jobs across sectors.
Invest in Savings and Innovation.
Not everybody will buy on all 9 days and the 9 categories. However, some of us getting the counters going for a couple of them, will be a part of a larger collective. After all the sum of parts is greater than the whole. What we save if invested back, will actually spur a virtuous cycle of wealth creation for families. Corporates too, can and should invest back in their businesses to power an Atmanirbhar and Viksit Bharat. It will be wonderful to see investments going back into R&D and managing talent, while cutting costs using technologies like AI that can collapse time to market.
Ecosystem of economies.
It is a great moment in time for us to shift gears to become an ecosystem of economies. Tourism, Manufacturing, Semiconductors, Solar energy et. al. However, we need a cohesive or concentric ripple effect vision here.
Economies lose time before they lose money. It’s time for India, to seize, the moment and build its momentum.
This Dussehra, may the Knowledge aka Vidya of Savings, power Prosperity aka Laxmi through Diwali.
(This author is Chief Marketing Officer of The Federal Bank Ltd.)
Views are personal and do not represent the stand of this publication
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