Union Commerce Minister Piyush Goyal stated that a trade deal with the United States is expected by November. He described the GST reform as a booster for the economy and mentioned that reduced rates will directly benefit the middle class. This will encourage demand and manufacturing, and also provide relief to exporters.
Trade Deal: In an exclusive interview with Network18, Union Commerce and Industry Minister Piyush Goyal said that a trade deal between India and the United States could happen by November, which would further strengthen the relationship between the two countries. He described the reduction in GST rates as a significant step towards increasing investment and consumption, which will directly benefit the middle class. Goyal stated that lower prices will boost demand and manufacturing, while exporters will receive relief from the tariff crisis. Regarding the weakening of the rupee, he expressed confidence that the situation will normalize soon.
Expectation of Strengthening Relations with the US
Piyush Goyal said that India and the United States are two major democracies in the world. As such, the relationship between the two countries has many dimensions. He remarked that minor differences do not hold significant importance in history. The long-standing friendship will continue to strengthen. Things are expected to be resolved by November.
The minister also stated that the government is fully active in resolving the current challenges related to trade. A deal with the United States will also provide relief to Indian exporters who are facing losses due to tariffs.
GST Reform Described as an Economy Booster
In a special conversation with Rahul Joshi, Editor-in-Chief of Network18, the Commerce Minister termed GST reform as a booster for the Indian economy. He said that the middle class will receive the biggest benefit from the reduction in GST rates.
Goyal explained that when prices decrease, goods become more accessible to common people. This directly impacts demand. Increased demand will not only boost consumption but also strengthen the manufacturing sector. He added that the industry has promised to pass on the benefits of GST reduction to consumers. The government has full confidence in this.
Middle Class to Benefit
Piyush Goyal asserted that the middle class is the backbone of India's economy. The reduction in GST rates will have a positive impact on their budgets. Domestic consumption will accelerate, and essential goods will become cheaper for people. He stated that when more money remains in the hands of the middle class, their purchasing power will also increase. This will benefit the entire market.
Minister's Statement on the Rupee's Situation
The Commerce Minister also expressed confidence regarding the rupee reaching its lowest level ever. He said that this is a temporary situation and things will normalize soon. He added that the foundation of India's economy is b and the rupee will also stabilize soon.
Relief for Exporters
Piyush Goyal acknowledged that exporters are currently facing challenges related to tariffs and global trade. However, he stated that the government is continuously working to address these issues. The GST reduction has been implemented at a time when there is a need to boost domestic demand.
The minister said that this will not only benefit common consumers but also support exporters whose businesses are affected by tariffs. Increased domestic consumption will provide b support to companies from the internal market.
Strengthening Indian Economy
Piyush Goyal stated that GST reforms and global partnerships will inject new energy into India's economy. He expressed confidence that in the coming times, India will become a major economic power not only domestically but also internationally.
He remarked that GST reform has simplified the tax system and increased investor confidence. Increased investment will create employment opportunities and further accelerate the country's growth rate.
