India's Prime Minister Narendra Modi announced sweeping cuts to the Goods and Services Tax (GST), impacting various goods from groceries to electronics. The tax reductions, effective Monday, aim to boost flagging household consumption, especially during the upcoming festive season. This move is expected to provide a significant economic stimulus, although the government anticipates revenue losses. While some businesses and consumers anticipate increased sales and purchases, others, particularly in the wedding apparel sector, face higher taxes. The overall impact is projected to be positive, enhancing purchasing power for a large segment of the population.

Prepared by Christopher Adams and reviewed by editorial team.