ALSO READGo for Dhanteras gold SIP: How ritual investing can help build good wealth
Further, Sitharaman said that after the GST rate revisions, consumers have received much higher benefits than the GST cuts themselves.
Consumption boost
Piyush Goyal, Minister of Commerce and Industry, said that the GST revision has given a boost of confidence to the industry, economy, market and people of the country. The Minister added that the reduction of GST on common goods a boosted consumption growth.
Union Minister Ashwini Vaishnaw said that India has recorded a significant consumption growth this year. The Minister said that the consumption has grown by 10 per cent this year. He added that an additional Rs 20 lakh crore has been spent by the consumers this year.
Vaishnaw added that this year, the food inflation in the country has declined by 2 per cent.
Electronics sales growth
Vaishnaw said that there has been unprecedented electronics sales growth during the Navratri season due to GST rate cuts. He said that during the Navratri season, after the GST rates implementation, the electronics sales in India grew by 20-25 per cent YoY.
Vaishnaw added that the electronic manufacturing in India has seen a double-digit growth in the last year. He added that this year India has surpassed China in exporting a higher number of mobile phones to the United States.