Steel and heavy engineering contribute about 25% of India’s steel output from Jharkhand. The GST cuts support sectors that depend on steel, such as construction and automotive. Taxes on two-wheelers and small cars dropped from 28% to 18%, while tractors below 1800cc now attract only 5%.

Auto components and commercial vehicles also enjoy lower tax rates, making machinery and vehicles cheaper. This reform boosts demand, increases production, and creates more jobs in Jharkhand’s steel and engineering ecosystem. Over one lakh workers benefit from the sector’s expansion, supported by thousands of MSMEs.

The reforms improve domestic consumption and enhance Jharkhand’s export competitiveness. The state exports steel and machinery to the US, China, Japan, and Europe. By reducing costs and promoting efficiency, the GST reforms place Jharkhand firmly on the path of industrial excellence and sustainable growth.

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S&P Global reported that India’s GDP rose 7.8% in the June quarter, higher than expected. Inflation is now forecast at 3.2% this fiscal year after food prices dropped. The Reserve Bank of India may cut interest rates by 25 basis points.

Domestic demand remains strong as consumer spending and government investment continue to rise. India stands out in Asia-Pacific for resilient growth despite global challenges. Higher U.S. tariffs and slower global trade have slowed other regional economies.

China, by contrast, faces weaker exports and slowing domestic consumption. S&P expects China’s GDP to grow 4% in the second half of 2025 and 2026. Falling housing sales and low consumer confidence are adding pressure.

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