Microsoft founder and multi-billionaire Bill Gates has praised Prime Minister Narendra Modi’s demonetization measure as a “bold move” that will help Indian economy and bring in deflation to the shadow economy. He noted that India has all the potential to become the most digitized economy globally in mere seven years of time.
“The Prime Minister’s bold move to demonetize high-denomination notes and replace these with new ones with high-security features is an important step to deflate India’s shadow economy,” Gates said while delivering the NITI (National Institution for Transforming India) Aayog lecture on ‘Transforming India’ on 16th of November, 2016.
He also highly admired the Aadhar Card scheme and Pradhan Mantri Jan Dhan Yojna as a tool to help the disadvantaged sections of the Indian society to connect to the mainstream banking system.
He said, “India has all the pieces in place for a compelling vision for digital financial inclusion. Aadhar will convert a cumbersome, paper-based account opening process into a 30-second all-digital system.”
He added that the UID system will create a centralized data repository. He spoke about Artificial Intelligence and said that automation, artificial intelligence and cloud services are poised to eliminate the manufacturing related jobs. This should be considered as an opportunity for the Information Technology sector in India, he concluded.
Bill Gates, who co-chairs the Bill and Melinda Gates Foundation, called for India to embrace these emerging technologies and leave behind the fears provoked by such rapid transformation. The billionaire aims to work with the Indian government on issues like digital health, e-payments, digital literacy and e-agriculture. He met with the IT and Law Minister Ravi Shankar Prasad on Thursday.