Finance Minister Nirmala Sitharaman described the reform as a “Diwali gift” for consumers. The move aims to lower costs for the middle class and simplify business operations. Daily food items, personal care products, electronics, medicines, and medical devices will see tax reductions.

In the services sector, GST cuts apply to gyms, yoga centres, salons, and barbers. Cement tax is reduced from 28 per cent to 18 per cent, benefiting homebuyers. Companies have been directed to revise MRPs and pass savings to consumers.

Brands have already responded. Hindustan Unilever lowered prices on Dove, Lifebuoy, Horlicks, and Kissan Jam. Amul cut prices on over 700 dairy products. Automakers like Maruti, Tata, and Hyundai announced price reductions on hatchbacks ranging from Rs 70,000 to Rs 1.3 lakh.

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The PLI scheme rewards companies for higher sales beyond a set baseline. Electronics, mobile manufacturing, and pharma have shown strong growth. Auto, textiles, solar modules, and medical devices were later added. Electronics and mobile manufacturing increased 146 per cent, reaching Rs 5.25 lakh crore in FY 2024-25.

Auto and auto-component sectors drew over Rs 67,000 crore in investments. Combined sales across all PLI sectors crossed Rs 16.5 lakh crore by March 2025. Some sectors, such as textiles and white goods, need more time to scale despite benefits from the scheme.

The report recommends enhanced monitoring, better logistics, and higher budget allocation for FY 2025-26 to maximize PLI’s impact. Strengthening the scheme could raise manufacturing’s share of GDP to 25 per cent and anchor India in global supply chains for electronics, EVs, and pharmaceuticals.

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