The recent GST cuts are expected to be a game-changer for consumption. FMCG companies, especially those catering to mass and value segments, are likely to benefit the most as price reductions improve affordability. In discretionary consumption, select categories like footwear under ₹1,000 and garments above ₹1,000 will see gains, while liquor and cigarette companies may be negatively impacted. Automobiles are another big beneficiary, particularly entry-level cars, non-SUV segments, and three-wheelers, which should see a significant uplift in demand.