Kochi: The implementation of Goods and Services Tax (GST) has put India in a very unique position globally as it transmitted the message that the country can transform things if it wants, said Promoth Manghat, CEO, UAE Exchange. He was speaking at Destination Kerala Business Mixer held at Kerala Management Association (KMA) hall here the other day.
“Everyone hailed GST as a visionary constitutional movement. Countries across the globe are seeing it as transformation decision. I think GST is a perfect reform. GST has really positioned India externally very well. India has sent a message globally that country can transform things if it wants ,” he said.
On demonetisation, Promoth said we have to wait and watch whether the government move brings the intended result. “International media has not taken the move as a great step forward. Definitely we have to wait and watch what are the tangible benefits which Prime Minister Narendra Modi has perceived the yield out of demonetisation,” Promoth said.
He added that although there was an operational difficulty for business there is also a positive impact. “Cash business nosedived but it has driven up electronic transactions. People started opening bank accounts. They started natural adoption to digital platform. It is a fact that there was an operational difficult but there is a positive impact,” he said.
He added that UAE Exchange is focused on digitisation. “Digitisation is very important. Digital is the new way of doing things.” Promoth also spoke in detail about his humble beginning from Nenmara in Palakkad district and scaling the heights. “The aspiration to make a difference in your life, hunger, that was always there. That is what made people from middle income background successful. They always think like - We have done, what next. That was their basic culture acquired during childhood and during time of instilling of education. It helps you to maintain the rhythm, gives you a good framework and thought process going ahead.”
Vivek Krishna Govind, President, KMA moderated the interactive session in which George Antony, Managing Director, UAE Exchange India; Deepak Aswani, Managing Director, Lachmandas and Sons; Jose Kunnappally, Chief Editor, Destination Kerala; Athul Lal A G, Executive Editor and others attended the function.