New Delhi [India], September 4 : Following the Centre's landmark decision to slash and rationalise GST rates under the NextGen GST framework, Mahindra Group Chairman Anand Mahindra on Wednesday urged for "more and faster reforms" to boost consumption and investment to stimulate the Indian economy further.
Describing the move as a step towards amplifying India's global voice, the Mahindra Group Chairman, in a post on X, emphasised the need for continued momentum, invoking Swami Vivekananda's call to "arise, awake, and stop not till the goal is reached."
"We have now joined the battle... More and faster reforms are the surest way to unleash consumption and investment. Those, in turn, will expand the economy and amplify India's voice in the world. But let's remember the famous exhortation of Swami Vivekananda: "Arise, awake, and stop not till the goal is reached." So, more reforms, please..." he stated.
His remark came following the government's announcement of sweeping reductions in Goods and Services Tax (GST) rates on a wide range of essential items, automobiles, agricultural inputs, and electronic appliances.
Finance Minister Nirmala Sitharaman announced the reduction aimed at providing relief to households, farmers, businesses and the healthcare sector.
Termed as the "Next-Gen GST Reform", the decision comes as a historic Diwali gift to the nation and is expected to ease the cost of living while boosting economic activity.
The 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates.
Executive Director and CEO of Auto and Farm Sector at Mahindra & Mahindra (M&M), Rajesh Jejurikar, also applauded the rationalisation, noting its positive impact on affordability and growth.
He praised the government's move, highlighting the continuation of the 5 per cent GST rate on electric vehicles (EVs) as a vital step in advancing India's clean mobility mission.
"We applaud the Government for this landmark GST rationalisation, which will have a far-reaching positive impact across the automotive and farming sectors. The move makes tractors and farm machinery more affordable for farmers, reduces costs for commercial vehicles and improves accessibility for personal mobility through rationalisation of rates across all SUVs. Together, these measures are expected to stimulate demand and drive inclusive growth across the entire ecosystem. We also appreciate the continuation of the 5% GST rate on EVs, which is a critical enabler of India's clean mobility vision. This measure will further accelerate the adoption of electric vehicles and reinforce India's leadership in sustainable, green transportation," Jejurlkar said.
Group CEO and MD of Mahindra Group, Anish Shah, also hailed the reforms as transformative, aligning with Prime Minister Narendra Modi's vision for a citizen-centric Bharat.
He described the reforms as a "defining moment" for India's tax ecosystem and lauded the government's focus on essentials like food, health, insurance, and agriculture.
"The next-generation GST reforms announced today mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system. By moving to a streamlined two-rate structure and focusing on essentials that touch the lives of every citizen- from food, health, and insurance to agriculture and small businesses -the Government has reaffirmed its commitment to Ease of Living and Ease of Doing Business. The rationalisation measures will not only provide immediate relief to households but also strengthen key sectors such as automobiles, agriculture, healthcare, renewable energy, and MSMEs - all of which are vital to job creation and sustainable growth. The correction of long-pending inverted duty structures in critical industries is welcome," Shah stated.
"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence. This bold step is in line with the vision articulated by the Hon'ble Prime Minister of building a citizen-centric, future-ready Bharat. It strengthens India's economic foundations and will help drive the next phase of equitable and inclusive growth - the journey towards Viksit Bharat @2047," he added.
RP-Sanjiv Goenka Group Chairman, Sanjiv Goenka, also welcomed the changes, praising their citizen-first approach.
"Welcoming the #NextGenGST reforms that place citizens first. By making essentials affordable, supporting healthcare and education, and empowering agriculture, these reforms also provide fresh momentum to the economy. A reflection of Hon'ble PM Shri@narendramodi's leadership and FM@nsitharaman's strategy for inclusive growth," Goenka stated in a post on X.