Bill Gates lauds demonetisation, says India will become the most digitised economy

Bill Gates welcomed Prime Minister Narendra Modi’s move of demonetisation, saying it will make the economy more transparent.

The billionaire philanthropist said the demonetisation will end shadow economy, while speaking at a lecture series of Niti Aayog on transforming India.

“The bold move to demonetise high-value denomination notes with higher security features is an important step to move away from a shadow economy to an even more transparent economy. Digital transactions will rise dramatically here. In next several years India will become the most digitised economy, not just by size but by percentages,” said Gates.

Apart from demonetisation, Gates spoke on a host of issues ranging from health, tech and financial inclusion.

“Technology is only as flexible as the regulations and systems that enable it and technology is only sustainable if the world we live in is sustainable, too,” he said.

Regarding innovation, Gates said India has to find its own solutions and address its own unique needs. “For India to tackle some of its big domestic challenges and contribute to innovations globally, steady funding to build world-class research institutions is going to be critical,” he said.