Abstract

The government of India is taking necessary steps and measures to achieve its goal of VIKSHIT BHARAT by 2047. The measures of the government of India were showing the positive returns also until the recent times. Although the world economy suffered some setbacks, but Indian economy was promising and thriving. But the Corona pandemic, Russia – Ukraine war and the recent tariff attack of 50% on Indian exports by the United States of America had the disrupting effect on the Indian economic growth trail. In order to neutralize the ill-effects of the turbulent world economic scenario the Government of India is taking steps like looking for alternative markets for our exports like –Europe, South east Asia, Middle east etc, reducing the dependency on foreign technology in various sectors including defense sector, trying to make Indian products more competitive in the world market. In addition to all the previously mentioned steps to increase a share in the global trade, the government of India knows very well that the economic growth of India is majorly driven by the domestic demand/consumption of Indian product and services. This domestic consumption of India has been saving the Indian economy from the world economic headwinds. The increased consumption will support the manufacturers and industry. GST 2.0 reforms, aim at simplifying tax structure, rationalizing rates, enhancing compliance, and catalyzing inclusive growth. In this paper we will be discussing the need for GST 2.0 reforms, the new reforms introduced and their effect on the consumption rate, employment, revenue generation and on GDP as a whole. We will also discuss how this new GST 2.0 reforms will be making Indian economy more robust internally and supporting the government’s aspiration of VIKSHIT BHARAT 2047 by taking the case study of 2025 festive seasons shopping spree of the Indian People.