Union Commerce and Industry Minister Shri Piyush Goyal addressed the Bharat Nutraverse Expo, underscoring the transformational potential of recent GST reforms for the nutraceuticals industry. He highlighted that the sector, poised for exponential growth, stands to benefit significantly from reduced tax rates, provided the full extent of savings reaches consumers. Goyal urged industry players to commit to passing on every rupee saved to end users and actively promote Indian-made products. Stressing that ownership, Indian or foreign is secondary to manufacturing in India, he emphasized how local production fuels job creation, supports youth livelihoods, bolsters community-level growth, and embodies the nation’s Viksit Bharat 2047 aspirations. By combining lower taxation, ease of doing business, and preventive healthcare convergence, Goyal painted a vision of a robust, healthy, and self-reliant India.
Relevant Question for Policy Stakeholders: Will GST-driven price relief catalyze demand expansion and innovation in the nutraceuticals sector, while reinforcing India’s push toward self-reliant healthcare and manufacturing?
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