Union Ministers Nirmala Sitharaman, Piyush Goyal, and Ashwini Vaishnaw jointly addressed a press conference in New Delhi on the GST Bachat Utsav, underscoring the far-reaching benefits of the Next-Generation GST reforms implemented ahead of Diwali.

Finance Minister Nirmala Sitharaman announced that the revised GST rates—effective from the first day of Navratri—have simplified compliance by reducing slabs from four to two and ensuring greater benefits to consumers. The Finance Ministry is closely tracking 54 essential items to confirm that the lower tax rates are being passed on fully to end consumers.

Commerce and Industry Minister Piyush Goyal described the reform as a “double dhamaka” for Indian households, delivering both relief and prosperity. He highlighted that tax reductions worth Rs 2,500 billion through direct and indirect measures have boosted disposable income and accelerated economic activity. Goyal added that affordability in essentials and infrastructure is fuelling consumption and making India the fastest-growing large economy.

Railways and IT Minister Ashwini Vaishnaw noted record Navratri sales in electronics, with demand rising 20–25 per cent year-on-year. He attributed the surge to GST-driven affordability, stable policies, and improved purchasing power. The electronics manufacturing sector has created over 2.5 million jobs and achieved double-digit growth, with major global firms increasing India-based production.

Vaishnaw also announced the commencement of production at two semiconductor plants—CG Semi and Kaynes—marking India’s entry into chip manufacturing. Citing macroeconomic trends, he stated that consumption has risen nearly 10 per cent adding Rs 2,500 billion in spending, further strengthening the cycle of demand, investment, and growth.