Network18’s Reforms Reloaded brings leaders together to discuss GST 2.0

New Delhi: Network18’s Reforms Reloaded convened policymakers, CEOs, economists, technology leaders, defence strategists, and investors to discuss the next generation of GST reforms, which came into effect on September 22, 2025. The forum examined the potential impact of GST 2.0 on India’s tax structure, enterprises, and economic growth.

Panels and conversations throughout the day explored how GST 2.0 could transform industries, empower businesses, create new opportunities, and support India’s economic expansion. 

Discussions focused on translating policy changes into tangible outcomes, easing the cost of doing business, and fostering consumption-led growth, while considering how India can align ambitious reforms with operational resilience and international credibility.

While GST remained central to the discussions, broader reform topics were also addressed, including divestment, asset monetisation, frontier technologies, defence indigenisation, renewable energy, and India’s evolving role in global economic realignment. The event opened with insights from CEOs across sectors on market sentiment during the first day of the revised GST implementation.

Highlighting the government’s efforts to balance reform and investment, Arunish Chawla, Secretary of the Department of Investment and Public Asset Management (DIPAM), said, “Public investment through budgetary support has remained on target, with 33% of the year's goal achieved by the end of July.” 

He also noted the democratisation of capital markets, pointing out that despite recent volatility, two-thirds of domestic institutional investors (DIIs) are individual investors. “From January to August, while foreign institutional investors (FIIs) pulled out Rs 1 lakh crore in net terms, DIIs invested Rs 5 lakh crore,” he said.

Chawla added, “As markets stabilise, we will bring in more OFS (offer-for-sale), minority stake sales, a few IPOs and speed up the journey. We are in a phase of growth convergence. If we can grow relative to global growth, we should be thrilled.”

On GST 2.0, Chief Economic Advisor V Anantha Nageswaran said, “The GST 2.0 is a very significant landmark reform. I am very confident that it will provide a very significant boost to domestic demand. 

Coming on top to the indirect taxes are the concessions and relief announced as part of the Union Budget. Taking a multiplier effect, these will quite definitely boost the GDP numbers. India's FY26 GDP growth will tend towards the upper end of 6.3–6.8% range in FY26, following the GST 2.0 reforms."

Union Minister of Tourism Gajendra Singh Shekhawat noted how the reforms could affect citizens across India, “The next-generation GST reforms, effective from today, will help everyone from a farmer to a 'millionaire' in Mumbai. About 95% of goods will see a reduction in taxes. This will help people have more money in their pockets, which will boost consumption… and tourism in one important aspect of it. 

Earlier, only a few were taking the burden of paying taxes. Now, we have a huge cohort of people who pay taxes in small or large amounts. The 2.0 reforms will benefit MSMEs and the manufacturing sector.”

Rajesh Kumar Singh, Defence Secretary of India, highlighted the government’s commitment to domestic defence production, stating, “We will have $25–30 billion of capex every year in defence over the next decade. Our current plans are that at least 75% of capex would be spent within the country.”

Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, described GST 2.0 as the most significant reform since 1975. He added that his ministry has established a dedicated helpline for consumer complaints related to GST benefits and a mechanism to resolve disputes before litigation. 

“This is above the necessary steps taken by the finance ministry. Compliances have been simplified, refunds have been made online for input credit… what can be a bigger relief for businesses than this? People are very happy about it. It is the biggest relief for the public,” he said.