Well – renowned businessmen of Reliance Group Industries, Anil Ambani says that Goods and Service Tax Regime (GST) which is going to be rolled out from 1st July is not just “another piece of reform or transform” but “our economic freedom”. New GST regime would make the country independent and democratic market in the history of mankind.
While speaking at mutual fund industry event Chairman of Reliance Group Anil Ambani said, there are several ways of counting the benefits of GST and also many ways for counting its costs.
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Anil Ambani address at an event of the Association of Mutual Funds in India said “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 further added that “We, the people of India, are privileged to bear witness to one such moment in time.”
“Seventy years ago, at the stroke of the midnight hour, our first Prime Minister, Jawaharlal Nehru, spoke movingly in the Central Hall of Parliament about India’s tryst with destiny. He further added that “At the same mid-night hour tomorrow, as our honourable 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.”
Ambani said free market would improve the economic conditions of the country and the standard of living of people. The main aim of implementing GST Regime in India is economic development, economic reform, and liberation of the country. Ambani speaks few lines about the economic liberation in new GST Regime, “The real promise of GST is that promise of economic liberation. The promise of `One Nation, One Tax, One market”.
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New GST Regime would connect nearly 1.3 billion people across the nation and will involve in a transition of goods and services, labour and ideas, skills set and capital. Ambani said that in less than 48 Hours the country will implement biggest tax reform which was never happened in the history of last 30 years
In the views of Ambani “In tandem with its policy precursor — demonetisation — GST will forever change the ground rules of doing any kind of trade, commerce or business in India.” He also added that “The leadership advantage is backed by strong macro- economic stability.” By adding that, after the implementation of GST Regime the country shifted from low inflation into high growth, from fiscal rectitude into Prudential current account management and from the highest saving rates into fastest rates of economic growth.
He also spoke few lines on non-performing assets, “From insolvency code to NPA (non-performing assets) resolution, the present government has undertaken a fundamental overhaul of India’s financial infrastructure while consolidating and strengthening the banking sector.” He further added that “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 are unprecedented in its scope and size.”