India has the potential for very rapid economic growth, Bill Gates said.
India has the potential for “very fast” economic growth over the next decade that will lift people out of poverty and allow the government to invest “excitingly” in health and education priorities, said Bill Gates, a billionaire philanthropist and co-founder of Microsoft.
In an exclusive interview with PTI, Gates, the richest person in the world, specifically complimented India’s Aadhaar Identity System and the country’s performance in the financial services and pharmaceutical sectors.
Gates ‘ positive outlook for the Indian economy, Asia’s third-largest, comes at a time when it is reeling under major slowdown in the midst of apprehensions that the cycle may last longer.
“II have no idea of the near term, but I would say that there is a potential for very rapid growth over the next decade that will lift people out of poverty and allow the government to invest in health and education priorities in a truly exciting way,” he said.
On Friday, the 64-year-old Gates, with a net worth of USD 110 billion, reclaimed the title of the richest person in the world to overtake the Amazon Inc. Jeff Bezos. The co-founderof Microsoft has so far contributed more than USD 35 billion to the Bill and Melinda Gates Foundation for Poverty Reduction and Social Development Services in various countries.
“The … Everybody hopes that there is really good growth, because there is definitely a potential for high growth in India,” he said.
Gates is currently on a three-day visit to India to examine the work of its foundation in the region.
India’s economic growth plummeted to over six-year lows of 5% in the first quarter ended June of this fiscal year due to slower consumer demand and private investment.
The slowdown in growth has led several international agencies to cut India’s GDP growth to varying degrees by 2019-20.
Gates also hailed the Indian Aadhaar Identification System as well as the adoption of the UPI system.
“Ok, in all of our fields, India has been a crucial place to find innovators and financial services. It’s awesome how the Aadhaar Identity System and the UPI system as a whole are gaining acceptance, and there are some great lessons to be learned from that work, “he said. “We’re working with people like Nandan Nilekani to consider, okay, how India’s lessons extend to other countries for issues like digital identity or financial services,” he said.
Gates also commended India’s pioneering work in vaccine production, saying that the country has made a significant contribution to improving people’s lives.
“When people think of India, they think of the IT sector and the great work they’ve done there. Less noticeable but definitely very important for improving the human condition is the great work undertaken by vaccine manufacturers, whether it’s Serum, which is the biggest, but a dozen others-Bharat Biotech, Bio-E, a variety of companies, “he said.
In the last decade, the Bill and Melinda Gates Foundation has worked in the fields of health care, sanitation, education and financial services for underprivileged people in India.
Partnerships between the Foundation and Indian manufacturers have led to the development of inexpensive, effective vaccines that have allowed different countries to adopt these vaccines, said the Foundation’s official.