India Has The Potential For ‘Very Rapid’ Economic Growth: Software Magnate Bill Gates

Billionaire philanthropist and Microsoft co-founder Bill Gates said that India has the potential for ‘very rapid’ economic growth over the next decade.

“I don’t have any knowledge about the near term, but I’d say over the next decade, there’s potential for very rapid growth, which will lift people out of poverty and allow the government to invest in health and education priorities in a really exciting way,” Gates was quoted as saying by Business Today.

The 64-year-old software magnate is currently on a three-day visit to India to review the work of his foundation – Bill and Melinda Gates Foundation – in India. The foundation has been working in areas of health-care, sanitation, agriculture and financial services for the underprivileged people in India.

“Everybody hopes that there’s really good growth because the potential is certainly there for India to have high growth,” he added.

Gates also praised India’s Aadhaar identity system and the UPI system. “Well, in all of our areas, India’s been a key place where we find innovators and financial services. It’s fantastic the way that the Aadhaar identity system and the overall UPI system is gaining adoption, and there are some great lessons out of that work,” he was quoted as saying by The New Indian Express.

“We partner with people like Nandan Nilekani to think, okay, how do the lessons from India apply to other countries for things like digital identity or financial services,” he added.

The statement comes amidst the State Bank of India revising India’s(SBI) Gross Domestic Product(GDP) growth. The SBI in a recent report, had predicted India’s GDP to go down to 4.2 per cent in the second quarter. According to the report, the prediction is based on an account of low automobile sales, deceleration in air traffic movements, flattening of core sector growth and declining investment in construction and infrastructure

India’s GDP was already at a 6-year low of 5 per cent during the first quarter of this fiscal year(Q1FY20). As per the SBI report, the GDP growth forecast for FY20 has also come down to 5 per cent, from the previous 6.1 per cent.

Gates also lauded India for its work in vaccine manufacturing. “When people think of India, they think of the IT services and the great work done there. Less visible but certainly very impactful for improving the human condition is the great work done by the vaccine manufacturers, whether its Serum, who’s the largest, but a dozen others – Bharat Biotech, Bio-E, a number of companies,” he was quoted by the media.

Also Read: SBI Confirms Economic Slowdown, Drops India’s GDP Growth Forecast To 5% For FY20