New Delhi, Sep 5
The recent GST reforms will give a major boost in further enhancing productivity and competitiveness of the dairy sector while ensuring sustainable livelihoods, directly benefitting over 8 crore rural farmer families, according to the government.
In a landmark move to strengthen India’s dairy sector, the 56th GST Council approved sweeping tax rationalisations on milk and milk products.
India is the world’s largest milk producer, with an output of 239 million tonnes in 2023–24, accounting for about 24 per cent of global milk production.
As the single largest agricultural commodity, dairy contributes 5.5 per cent to the national economy. Milk and milk products make up the largest share of value in the livestock sub-sector, with the value of milk output reaching Rs 12.21 lakh crore at current prices in 2023–24.