A historic economic shift is underway as new GST rates become effective, promising lower prices on daily essentials and other goods for Indian households. In a Sunday evening address, Prime Minister Modi highlighted the reform as a milestone for easing the burden on the middle class, stating the new rates are expected to save consumers nearly two and a half lakh crore rupees. This move is anticipated to drive consumption-led growth. However, this domestic optimism is contrasted by global concerns, particularly the US’s new H-1B visa announcements, which have raised alarms for the IT and tech sectors. Meanwhile, Commerce Minister Piyush Goyal departs for trade talks in Washington D.C., and Dalal Street prepares for a busy week with 31 IPOs set to hit the market.
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