Change is good as long as it happens in the neighborhood. Change at our end often fills us with nonchalance and irritation. But all of us know that change is important. We need to adapt and don new roles as and when required. 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 level-playing 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.