In a recent statement, Indian Minister Piyush Goyal emphasized that the current fiscal year has seen a new direction of growth for India, primarily due to generous income tax exemptions and the establishment of free trade agreements. The income tax exemption of up to 1.2 million rupees has provided significant financial relief to common citizens, enabling greater disposable income.

Furthermore, Minister Goyal pointed out that substantial reductions in GST on everyday items have also helped normalize the cost of living for many, creating a more favorable economic environment. These changes in tax policy and reforms are not just incremental, but mark a significant shift that could bolster consumer confidence and spending.

Additionally, India has signed free trade agreements with several developed nations, including four European countries, the UK, New Zealand, Oman, and the USA. These agreements are expected to enhance trade relations and expand market access for Indian goods and services, positioning India favorably in the global economy. Such international collaborations signal India's strategic pivot towards an open economy, potentially leading to increased foreign investments and collaboration.