ITC Chief calls next-gen GST reforms a ‘Historic Moment’

New Delhi: ITC Chairman and Managing Director Sanjiv Puri described the rollout of next-generation GST reforms as a "historic moment" that would make products more affordable, boost consumption, and energise small and medium enterprises.

In a LinkedIn post, Puri welcomed Prime Minister Narendra Modi’s announcement of the reforms on the eve of Navratri, calling it "far-sighted and pathbreaking" and a step that would accelerate India’s journey to a 'Viksit Bharat'.

"The 'GST Bachat Utsav', combined with earlier bold revisions in income tax, has put Rs 2.5 lakh crore of savings in the hands of people. This will spur a virtuous cycle of consumption, investment, higher incomes and employment," Puri said in the post.

He noted that the reforms would simplify doing business for millions of value-chain stakeholders, particularly MSMEs, small-scale, and cottage industries, while also supporting the "Swadeshi movement to create world-class Indian products."

"At ITC, the credo of 'Nation First: Sab Saath Badhein' inspires us to build a future-ready portfolio of Proudly Indian Brands supported by over 200 factories and 7,500 MSMEs," he added.

Puri also emphasised the need for "compassionate capitalism" by placing people and the planet at the core of enterprise strategy, while leveraging opportunities created by the reforms.