GST Rate Cut Live: PM Modi Calls Reforms 'Double Dhamaka'; Amitabh Kant Calls It A 'Big Dynamic' Move

Prime Minister Narendra Modi called the recent GST reforms announced by Finance Minister Nirmala Sitharaman as 'double dhamaka' that will help boost India's economy amid the ongoing tariff scuffle.

"Actually, these reforms are a double dose of support and growth for the country. On one hand, common people of the country will save money, and the country's economy will be strengthened...," he said while Interacting with the National Awardee Teachers in Delhi ahead of Teachers Day.

“By reducing GST on hotel stays under Rs 7,500 and ensuring affordability in economy air travel, the government has made travel more accessible, particularly for India’s growing middle class. This democratization of travel will not only empower millions to explore, connect, and spend more confidently but will also act as a catalyst for the wider ecosystem of hospitality, tourism, and lifestyle services,” said Liberatha Kallat, CMD, DreamFolks.

"This reform will reshape the insurance landscape, accelerating penetration, driving higher renewal rates, building deeper customer loyalty and a critical catalyst for future growth. This sets the stage for an era of enhanced insurance penetration which has remained critically low, making coverage more affordable and accessible, and bringing us closer to the IRDAI's vision of ‘Insurance for All by 2047," said Anand Roy, Star Health and Allied Insurance on the recent development.

Every state was supportive of exempting insurance from GST, said Minister for women and child development, Government of Maharashtra, Member of GST council.

However, states including Maharashtra still ascertaining what the fiscal impact will be, she told NDTV Profit.

FADA is expecting strong demand from the recent GST reforms. While clarity on compensation cess is still awaited, smaller cars will now be much more attractive followed by GST reforms.