New Delhi, Oct 10: In a push for the ‘Vocal for Local’ initiative, the government has underscored the pivotal role of the retail trade sector in the Indian economy, as traders hail the recent GST 2.0 reforms.
During the seventh meeting of the National Traders’ Welfare Board (NTWB) here, Sunil J. Singhi, NTWB Chairman, appreciated the recently implemented GST reforms, which came into effect on September 22.
He highlighted that the nationwide traders-led campaign, celebrated as the ‘GST Bachat Utsav’, reflects the gratitude of the trading community towards Prime Minister Narendra Modi, for the transformative GST reforms that have generated substantial benefits and savings for both consumers and traders.
Sanjiv Singh, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), called upon the Board members to provide inclusive and practical suggestions for the formulation of the National Retail Trade Policy, with a focus on wider participation from grassroots-level traders.
A key focus of the meeting was the ‘Vocal for Local’ initiative aimed at strengthening indigenous industries and promoting locally manufactured goods.
On the occasion, a poster titled ‘Garv Se Kaho, Ye Swadeshi Hai’ was released, reflecting the Prime Minister Narendra Modi’s call to proudly promote Indian-made products.
All members pledged to serve as ambassadors of the campaign to ensure its wider outreach across the country.
The NTWB Chairman noted that the new GST reforms will make a wide range of essential and consumer items more affordable. Small car buyers could save around Rs 70,000, while reductions in GST on stationery, clothing, footwear, and medicines are expected to yield savings of 7–12 per cent.
Health and life insurance policies have been fully exempted, offering up to 18 per cent savings, and the GST rate on tractors has been reduced from 12–18 per cent to 5 per cent, resulting in nearly Rs 40,000 in savings.
In total, 375 items, including groceries, agri-equipment, clothing, medicines, and automobiles, have become more affordable under the new GST regime.
This report is from IANS news service. NewsGram holds no responsibility for its content. (NS)
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