Union Finance Minister Nirmala Sitharaman on Friday said that India’s festive retail sales have reached a record high this year, reflecting the positive impact of the government’s economic reforms, including the rationalisation of Goods and Services Tax (GST) rates.
Speaking at the inauguration of the new CGST Bhawan in Ghaziabad, the Finance Minister said the next phase of GST reforms will make the system more efficient, equitable, and growth-oriented.
“I am confident that with continued reforms, dedication, and teamwork, we will achieve new milestones in revenue, compliance, and service delivery,” Sitharaman said.
According to the Confederation of All India Traders (CAIT), Diwali retail sales touched an unprecedented ₹6.05 lakh crore this year — a 25 per cent increase compared to ₹4.25 lakh crore recorded last year. Of the total, goods accounted for ₹5.40 lakh crore, while services contributed ₹65,000 crore, marking the largest festive business in India’s trading history.
Commenting on the figures, the Finance Minister said the numbers demonstrate the impact of recent policy measures. “Our economic policies, including the GST rate rationalisation, are having a meaningful impact on consumer sentiment and market activity,” she noted.
She urged officials to maintain the momentum of reforms, adding, “Our ultimate goal is to make life easier for the honest taxpayer.”
Highlighting the importance of taxpayer experience, Sitharaman said, “The next generation GST must feel different to the taxpayer. They should feel honourably treated as contributors to the nation.”
Referring to the Prime Minister’s recent campaign, she added, “The ‘#GSTBachatUtsav’ launched by Prime Minister Narendra Modi was indeed a ‘Double Diwali’ for the people.”
Meanwhile, e-commerce platforms recorded a 24 per cent year-on-year growth in volumes, with gross merchandise value rising by 23 per cent.
CAIT’s survey also revealed that nearly 72 per cent of traders attributed the boost in festive sales to GST rate cuts on daily-use goods, footwear, home decor, and consumer durables.
— IANS