De­mon­e­ti­za­tion and GST: Made for each other

Dataquest - - OM TECH -

Change is good as long as it hap­pens in the neigh­bor­hood. Change at our end of­ten fills us with non­cha­lance. But we all know that it is im­por­tant that we adapt and don into new things as the time passes or re­quires. Sim­i­lar is true in the case of the econ­omy. Thank­fully, In­dian econ­omy has gone through th­ese changes re­cently! Two key changes, which the coun­try has seen in the last 8 months, are de­mon­e­ti­za­tion and GST.

The mag­ni­tude of th­ese changes is huge. In­di­ans have been forced to come out of their com­fort zone and be part of the dig­i­tal rev­o­lu­tion. Much needed for a coun­try, th­ese changes might take a while to in­flu­ence things on ground but will have far-reach­ing im­pact in set­ting the odds right for ev­ery­one in the ecosys­tem - in­vestors, en­trepreneurs, buy­ers and sell­ers.

De­mon­e­ti­za­tion and GST will also set new bench­marks and bring trans­parency into the trans­ac­tional side of the econ­omy which is the most im­por­tant thing to boost busi­ness en­vi­ron­ment and pro­vide a lev­elplay­ing field. In other words, it will be­have as a mag­nate for in­vestors and for­eign play­ers who can take more in­ter­est in ‘Dig­i­tal In­dia’ and ‘Make in In­dia’ ini­tia­tives.

There are ar­gu­ments which down­play GST which can be true to an ex­tent, be­cause dif­fi­cul­ties and doubts are ex­pected to per­sist in the next few months. But let us not for­get that evo­lu­tion and evolve­ment does hap­pen over a pe­riod of time. GST is like a new­born baby right now. It will grow fur­ther, learn many things along and be­come ma­ture. Even­tu­ally th­ese ar­gu­ments will fiz­zle out as GST gels with the over­all sys­tem.

In our opin­ion, GST has come at the right time. Par­tic­u­larly the tim­ing to de­ploy it right af­ter the de­mon­e­ti­za­tion is bold, well-cal­cu­lated and hence com­mend­able. Th­ese two moves will bol­ster the ‘Dig­i­tal’ adop­tion in the coun­try.

Onkar Sharma Ex­ec­u­tive Ed­i­tor

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