New Delhi, Sept. 6 -- Global financial services firm Bernstein also echoed similar sentiments to those of several other experts that the sweeping GST rate cuts will boost India's consumption.

In a report, it has painted a particularly bullish picture for footwear, QSRs, FMCG, and grocery retailers.

The key surprise element, according to the Bernstein report, was the GST on personal care and home care items (soaps, shampoo, hair oil, powder, toothpaste) from 12%/18% to 5%.

"This should provide pricing support in the immediate term to FMCG firms, allowing them to keep more part of the gross price that consumers are charged. In the medium term, it can drive demand via higher grammage in the products or via indirect higher wallet share wit...