Thursday, November 17th, 2016

Bill Gates lauds demonetisation, calls it PM Modi’s bold move

Narada Desk | November 17, 2016 1:18 pm Print
"A more concerted shift to digital transactions will further enhance transparency and reduce leakage. India has all the pieces in place for a compelling vision for digital financial inclusion,” Gates said.

Bill Gates, the founder of Microsoft and co-founder of the Bill & Melinda Gates Foundation, has lauded government’s move to demonetise Rs 500 and Rs 1000 denomination notes saying that the move will help the nation to move to a more transparent economy.

Addressing a gathering at the second lecture series of Niti Aayog on transforming India, Gates said: “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.”

He said the digital transactions will rise dramatically in the country. “In next several years India will become the most digitised economy, not just by size but by percentages. A more concerted shift to digital transactions will further enhance transparency and reduce leakage. India has all the pieces in place for a compelling vision for digital financial inclusion,” Gates said.

“The world is looking to India not just to solve its problems but to address global challenges through innovation,” Gates said.  He also stressed that the government should be an enabler and a smart regulator to enable the private sector to deliver efficient services across sectors.

The Microsoft chairman met Prime Minister Narendra Modi ahead of the function. Gates also met Niti Aayog vice chairman Dr Arvind Pangariya and CEO Amitabh Kant before addressing Niti Lectures: Transforming India – the first part of this event was inaugurated by PM Modi in August.

On November 8, PM Modi had announced that Rs 500 and Rs 1,000 notes would be banned with effect from in a bid to fight the black money and fake currency menace.

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