GST, liberation of Indian economy: Anil Ambani

Mumbai: Reliance Group Chairman Anil Ambani on Thursday said the Goods and Services Tax (GST) that will be rolled out on July 1 is just "not another piece of reform or transform" but "our economic freedom". "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," Ambani told an event of the Association of Mutual Funds in India here. He said what Prime Minister Narendra Modi had done in three years on GST could not be done in the previous 30 years. "The real promise of GST is that promise of economic liberation. The promise of `One Nation. One Tax. One market'," Ambani added. "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 said India was today in the midst of a massive digital revolution, which was allowing young ambitious entrepreneurs to think big and execute bigger. The spectacular rise of e-commerce and related businesses in recent years was a testimony to what technology can help achieve, he said. "It is time to learn from that experience. If e-commerce can exploit the power of technology to reach out to India's hinterlands and create better consumer experience, so can India's financial sector," Ambani added.