What GST means for the Indian Economy
Entrepreneur Anil Amabani has publically stated that the Goods and Services Tax (GST) will promote ‘economic freedom’ and push India towards becoming the biggest democratic market in recorded history.
“But there is just one way of describing its true promise. GST is not just another piece of reform or transform, however significant. GST is the liberation of our economic imagination. It is our economic freedom,” he said. He suggested that GST should be appreciated for its benefits, rather than counting its costs. He spoke on the matter at a mutual fund industry event. He described the move ‘a giant leap of faith’ for the growth of Indian economy instead of ‘small steps of incremental gain’.
“At the same mid-night hour tomorrow, as our honorable Prime Minister Narendra Modi rises to address a waiting nation from the same august Central Hall, India will be set on course for another historic tryst with destiny,” he said. He compared the moment with Jawahar Lal Nehru’s speech seventy years at the stroke of midnight which was defining moment for the Indian demographic.
Economic liberation is a salient feature of GST and free markets will help the populace to generate wealth and it will eventually transform lives. He stated that throughout human history, free market is one of the biggest factors of economic good. The move will aid the markets by promoting skill sets and business operations and the ‘One Nation, One Tax, One Market’ will integrate the Indian economical processes.
“But the greatest achievement of the government lies in the area of financial inclusion, thus setting in motion a growth dynamic for financial intermediaries which is unprecedented in its scope and size,” he added. He concluded with stating that the Indian economy will rise from low inflation to high growth and it has found the track to becoming the fastest growing economy in the world.
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