New Delhi: The industry must pass on to consumers the full benefits of the GST rate reductions, the "biggest ever reform" since India's independence, Union Minister Piyush Goyal said on Thursday.

Union Commerce and Industry minister said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country.

He urged the industry to encourage the sale of products made in India in a big way.

The minister addressed a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025, which is the 11th international exhibition on pharma and healthcare. He also spoke at Bharat Nutraverse Expo 2025.

Talking about India's growth story, Goyal said the country in the next two years would become the third largest economy. India will grow from a USD 4 trillion economy to a USD 30 trillion economy by 2047.

"Yesterday's reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly impacting the pharma sector, significantly impacting so many sectors, right from the farmer until our MSMEs," he said.

Every stakeholder in the country, every consumer, stands to benefit," Goyal added.

Terming the GST reforms as "game-changing", the minister said the move would play an important role in the months and years to come in the journey of becoming a developed country by 2047.

New GST slabs will lead to increased demand that will, in turn, push for greater investment as manufacturers ramp up production to meet that uptick, Amitabh Kant, the former CEO of government think-tank NITI Aayog said

"I would say the simplification of GST is a major step forward. Not merely the reforms and simplification but the fact it will have a huge impact across several sectors.

Lights up realty market

The National Real Estate Development Council (NAREDCO) has said that the new GST rate structure has brought relief to real estate and its allied sectors. “The timing of this decision was equally significant. Announced during the festive season, it will lift consumer sentiment and create fresh demand. It will act as a strong booster for the economy, support homebuyers, and encourage developers,” G Hari Babu, National President of NAREDCO, has said. For the real estate and infrastructure sectors, the GST rates on materials like cement and steel had been reduced to 18 per cent from the current rate of 28 per cent.

Caramel popcorn 18 pc

The GST Council has finally settled the long-running debate over how popcorn should be taxed in India as under the new GST 2.0 regime, popcorn mixed with salts and spices will attract 5 per cent GST, whether it is sold loose or in pre-packaged and labelled form. The Council has ruled that such popcorn retains the “essential character” of a snack. Caramel popcorn, however, has been categorised differently. Since it falls under the definition of sugar confectionery, it will continue to attract 18 per cent GST. Until now, the taxation of popcorn had been a confusing affair.