“CII has been asking for GST reforms for more than a year. It’s not just about rate reduction, but also structural changes—such as establishing GST Appellate Tribunals at the national level. The removal of anti-profiteering provisions is also nudging industry forward,” Memani said.
With the festive season around the corner, he added, the timing is especially significant. “Navratri is adding to the momentum. From an industry perspective, this should spur fresh investments, greater value addition, and higher consumption,” he noted.
Macro-economic outlook
Memani acknowledged concerns about short-term revenue shortfalls but argued these would be offset by stronger growth. “The pickup in GDP will overshadow temporary revenue challenges. Macroeconomic stability and GST reforms topped the wishlist, and both have been delivered. Income tax cuts have also come through, and the next focus should be power sector reforms,” he said.
Beyond GST: Reform wishlist
Memani outlined further priorities for policymakers:
- Power Sector: Lower tariffs, open up distribution via private licences.
- Mining: Unlock reserves through JVs or state-backed support to boost competitiveness.
- Clearances: Accelerate project approvals.
- Import Strategy: Develop sector-specific policies, especially for critical inputs like compressors and high-voltage transformers.
Global context
On the international front, Memani pointed to ongoing complexities around H-1B visas and broader geo-economic shifts. “Every country is now focused on creating greater value within its own economy. India too must diversify—recent FTAs with the Middle East, Africa, and Latin America are steps in the right direction,” he said.
He added that foreign investors still recall “legacy tax disputes,” making it vital for India to sharpen its economic narrative. “Swadeshi is about creating value in India. We must be competitive, not closed. Generating opportunities for youth is critical, or we risk social challenges,” Memani warned.
Calm diplomacy and key numbers
Praising the government’s diplomatic approach, Memani said India is navigating global challenges with “confidence and calm.” He flagged two numbers to watch as markers of reform impact: Q3 GST collections and GDP growth.
“These figures will show how effectively the reforms are translating into real economic outcomes,” he concluded.
