Key Takeaways
- Three senior ministers to hold joint press conference on Dhanteras
- GST 2.0 reforms showing immediate impact on festive season sales
- Passenger vehicle sales surge 35% during Navratri period
- Government monitoring price pass-through of GST benefits
Finance Minister Nirmala Sitharaman will be joined by Commerce Minister Piyush Goyal and I&B Minister Ashwini Vaishnaw for a crucial press briefing on Saturday at 12 pm. The conference comes amid strong evidence that the newly implemented GST 2.0 reforms are significantly boosting consumer spending during the festive season.
Early Impact of GST 2.0
Market indicators show the GST reforms, implemented on September 22, 2025, are already driving substantial demand across key sectors. Branded as ‘GST Bachat Utsav’, the new structure aims to simplify compliance and increase household consumption.
Finance Minister Sitharaman has stated the reform will inject Rs 2 lakh crore into the economy by enhancing disposable income.
Consumer Spending Surge
Automobile sales have witnessed a particularly strong upswing. According to LocalCircles data, passenger vehicle sales jumped 35% year-on-year during the Navratri period from September 22 to October 1.
The GST rate cuts have also fueled increased retail loan demand, with public sector banks reporting sharp rises in vehicle and consumer durable financing.
Government Monitoring Prices
The government is actively tracking whether companies are passing GST benefits to consumers. Field officers are monitoring prices of over 50 products across categories including daily essentials, FMCG, electronics, and building materials.
Officials confirm the analysis aims to ensure rate cuts translate into lower prices for end consumers.
Major Economic Reform
Earlier, Home Minister Amit Shah described the GST overhaul as “one of the biggest economic changes in independent India” and the most extensive since independence.
In an interview with Network18’s Rahul Joshi, Shah emphasized that the new regime with sweeping tax cuts will strengthen economic growth and public trust. “Tax has never been lower. GST reforms will benefit many areas. It’s a big step that has increased people’s confidence,” Shah stated.
The Dhanteras briefing is expected to provide the government’s initial assessment of GST 2.0’s impact as India’s festive economy reaches its peak phase.
