By Bipin Ram Agarwal
(National Working President of International Vaish Federation)
The announcement of the “Next-Gen GST Reforms” by the GST Council is more than a tax adjustment; it is a profound statement of India’s economic intent. The simplification into two slabs 5% and 18% combined with sweeping rate cuts on essentials, agriculture, healthcare, and consumer durables, reflects the government’s commitment to ease of living and ease of doing business.
At its heart, this reform is about empowerment. For households, it means lower grocery bills, cheaper healthcare, and relief on education costs. For businesses, particularly MSMEs and local traders, it signals reduced compliance burdens, faster refunds, and fairer taxation. And for farmers, the reduced GST on machinery and irrigation tools will directly cut costs and boost productivity.
The true strength of any reform, however, lies in its multiplier effect. Lowering GST on essential goods immediately frees disposable income in the hands of families. That money doesn’t lie idle — it flows back into the economy through increased consumption. For small retailers, artisans, and manufacturers, this rise in consumer demand is the spark they need. Whether it’s the carpenter in a tier-2 city, the weaver in Bhadohi, or the small dairy farmer in Gujarat or Karnataka, the GST cuts mean their products are now more competitive, more accessible and more desirable.
This is why we see GST reform as a decisive push for Atmanirbhar Bharat. Self-reliance is not isolation; it is about giving our domestic businesses the confidence and opportunity to stand on their feet while engaging with global markets on fairer terms.
Take the handicrafts sector as an example. With GST reduced to 5%, artisans will now find new life for their crafts. This isn’t just economic relief, it is cultural preservation, as thousands of craftsmen can continue their traditions without being priced out by taxation. Similarly, the rationalisation for MSMEs in construction, automobiles, and textiles ensures job creation across labour-intensive industries.
But let us not forget the intangible benefits. By making compliance easier and predictable, the reform builds trust between businesses and the state. Transparency reduces disputes, lowers litigation, and encourages more traders to enter the formal economy. Over time, this widens the tax base and strengthens government revenue without burdening the common man.
This is an important moment for our nation. As the backbone of India’s commercial spirit, we are now in a stronger position than ever to drive growth. The new policies offer us the chance to reinvest and innovate, and I'm confident we will rise to the occasion and expand our local-to-vocal businesses.
To me, Atmanirbhar Bharat is not just a slogan. It is a moral duty to support local producers, buy Indian and create an economy that thrives on domestic strength. GST reforms make this choice easier, but the choice still lies with us. If every consumer consciously supports local businesses and every trader prioritises Indian supply chains, the impact will be profound.
The government has given us a strong framework; it is now up to us to translate that into growth, jobs, and prosperity. For the International Vaish Federation, our commitment is clear: we will continue to mentor small entrepreneurs, support skill-building and promote ethical, transparent business practices.
India is at a pivotal stage where consumption, business growth, and self-reliance must feed each other in a virtuous cycle. With GST reforms as the catalyst, we can accelerate towards a future where affordability, inclusivity, and competitiveness define our economic journey.
This is not just a tax reform. It is a nation-building reform. And if we, as citizens, entrepreneurs and leaders embrace it fully, it will be remembered as the moment India’s economic story turned a decisive corner.
