Vaishnaw: GST reforms likely to add Rs 20 lakh crore to country's GDP

Union minister Ashwini Vaishnaw on Saturday expressed the hope that if, due to the Goods and Services Tax (GST) reforms, which would kick in from Navratras beginning September 22, the consumption would increase by even 10 percent, it will add around Rs 20 lakh crore to the nation's GDP.

- Gaurav Vivek Bhatnagar

Addressing a press conference at the BJP headquarters, Vaishnaw said, "This GST reform will further push India's economy." Elaborating on the extent of the perceived gains, he said, "Our GDP is currently at Rs 3.30 lakh crore, of which Rs 2.02 lakh crore is our consumption. Even if our consumption rises by 10%, we will have Rs 20 lakh crore extra consumption, contributing to the GDP."