Rising infra spend, consumer demand will make India unstoppable, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that “when infrastructure spending and consumer demand grow on the strong base of the economic system, no power in the world can stop India from becoming a world power.”
Speaking at the 56th EEPC India National Awards in New Delhi, the minister described the recent GST rate cuts and simplification as a boost to domestic demand, which will lead to more jobs, new opportunities for employees and higher incomes, helping propel a virtuous cycle of growth.

Stating that India is set to become the world’s third-largest economy in the next 2-3 years, he termed the GST reform as the first step among many reforms the government is planning. Highlighting the importance of equitable economic benefits, he said the advantages of GST rate cuts must be fully passed on to consumers to ensure growth reaches every citizen and strengthens the foundation of India’s economy.

Goyal recalled Prime Minister Narendra Modi’s clarion call for swadeshi products in his August 15 address to the nation, urging people and businesses to focus on Made-in-India products. He suggested that import-dependent businesses substitute imports with domestic products in their supply chains, saying that buying domestic goods will strengthen India’s economic security.