How technology is redefining the Indian economy!

No one can deny that technology and economic growth are interrelated and rapid economic growth is only possible through technology. Historically, we know that a change in technology accounted for a rapid progress of economy and in many cases technology proved to be the primary source for economic development. In this context, the role of technology in the Indian economy is interesting to understand.

 India is the fastest growing economy today and the government aims at making it 5 trillion USD by 2024. India is currently a 2.8 trillion USD economy and in order to achieve the 5 trillion mark, the country needs to get rid of the problems like corruption, tax evasion, parallel economy and inefficiency which has been troubling India for decades. And technology is one of the best weapons to fight all those problems. From improving efficiency in the various sectors to checking tax evasion, technology can help in every aspect of the economy. The best example of it is the E-Way bill.

The E-Way bill: 

Implemented in April, 2018 under the GST, the E-Way bill has been instrumental in reforming the logistics sector of the economy. The bill is generated online and carried by individuals or companies undertaking movement of goods above RS 50K and is mandatory. 

Is it effective?

Under the previous system, tracking and taxing movement of goods involved a complex and inefficient process for which the entire logistics sector suffered. However, the new E-Way billing system is not only simple and efficient but also beneficial for both the government and the traders. Some of those benefits are-

• • Goods vehicles and long haul trucks can run more in less time. They are no longer required to stand in long queues outside inter and intra state checkpoints. The checkpoints which were found frequently served the purpose of checking documentation of goods vehicles. However, they proved to be bottlenecks and frequently were associated with corrupt practices

• E-Way billing system has also streamlined the movement of goods. Under the previous system, multiple documents were necessary as tax from state to state varied. Moreover, precious time was also lost while filling tax documents from place to place as centralized system existed and the entire process had to be done manually. 

Find the E-way bill system complex?

Any change comes with the problem of adaptation. Moreover, in a country like India, embracing technology and getting accustomed to it can be very challenging. Although, the entire process of generating online E way bill is easy yet understanding the system and negotiating it every day can be a real hassle, especially when you are very busy. However, you need not worry about it too much as there are many good software’s in the market which can not only guide you through the process every day but also make the entire task quite easy. 

Some of the perks of using a software to file online E way bill:

• Hassle free task.
• Daily updated information and alerts.
• Advanced planning for activities based on upcoming shipments.