GST 2.0 Reforms Gave Strong Boost to Auto Industry and Economy: Maruti Suzuki Chairman

Maruti Suzuki India Chairman RC Bhargava said the GST 2.0 reforms introduced by the Central Government have provided a significant boost to the automobile industry as well as other sectors of the economy. Speaking to shareholders at the company’s Annual General Meeting, Bhargava said the reforms had helped the economy withstand uncertainty despite the challenges arising from the West Asia conflict. He noted that the current performance of various sectors demonstrated the positive impact of the tax changes.

Bhargava said the small-car market is currently witnessing strong momentum, with the GST reforms announced last September providing a greater boost than the growth recorded over the previous five years. He said his earlier expectations about the impact of GST reforms on the automobile industry had proved correct and that their benefits had extended beyond the auto sector. He also noted that India’s GDP was performing better than expectations. Bhargava thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the “historic” decision and urged all political parties to support further reforms aimed at accelerating growth, improving India’s competitiveness and creating more employment through wider economic activity.