GST reforms a step to boost Atmanirbhar Bharat, contribute to India's growth story: Piyush Goyal

New Delhi, Sep 4 (IANS) Union Minister for Commerce and Industry Piyush Goyal on Thursday termed the reforms made in Goods and Services Tax (GST) as a step towards ‘Atmanirbhar Bharat’ and called upon 140 crore Indians to come together with the collective resolve to make India Viksit Bharat by 2047.

In a landmark move, the GST Council rationalised the indirect tax structure, cutting the current four slabs down to two -- scrapping the 12 per cent and 28 per cent rates, while retaining the 5 per cent and 18 per cent slabs.

As per the revision, life-saving drugs, health-related products, and some medical devices will see a rate cut from 12 per cent/18 per cent to 5 per cent or nil.

Notably, the GST rates for 33 cancer drugs and rare medicines have been reduced from 12 to zero per cent.

The changes in GST rates on services will be implemented from September 22.

“The GST reforms are a step in the direction of ensuring an Atmanirbhar Bharat, a self-reliant India that cares for 140 crore Indians coming together with the collective resolve to make India Viksit Bharat by 2047, a developed and prosperous nation where everybody gets opportunity, where everybody becomes a participant of India's inclusive and sustainable growth story,” said Goyal, while speaking at the inaugural session of the second edition of India MedTech Expo 2025 and the 11th International Exhibition on Pharma and Healthcare.

Goyal also exuded confidence that the country can weather any challenge. “India stands strong, united, and has the confidence to weather any situation. We have done that in the past, and we will do the same in the future as well,” the Minister said.

He also called upon the various stakeholders to go for Swadeshi, be vocal for local, promote goods made in India, encourage the persons who are contributing to the India growth story across the length and breadth of the country through our own little effort.

Dr. Rajiv Behl, Secretary, Department of Health Research, Ministry of Health and Family Welfare, and Director General, Indian Council of Medical Research (ICMR), called upon industry and academia to collaborate to strengthen India’s reputation as the pharmacy of the world.

“ICMR is very keen to collaborate with all of you -academia, research laboratories, whether it is bioengineering, the pharmaceutical, or the medical academia. ICMR, through its MedTech Mitra and Patent Mitra, is going to play a very important role in bringing together the academia and industry, and together we all are going to contribute to Viksit Bharat,” Behl said.

Describing the initiatives taken by India on the regulatory front, Dr. Rajiv Singh Raghuvanshi, DCGI, CDSCO, said that India is taking a slew of measures to ease the regulations.

“Our aim is to make regulation lighter and execution stronger. We have taken a lot of initiatives in the recent past to demonstrate our intent towards making our regulations lighter and more industry friendly. The world has recognised India as a powerhouse for healthcare supplies,” he said.

The three-day expo will showcase an array of exhibitions and innovations of MSMEs, start-ups, research institutions, future innovation pavilions, state showcases, and government initiatives.

--IANS

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