Get All Access for $5/mo

Bill Gates Calls India's Demonetization Drive A Bold Move The Microsoft founder Bill Gates called the move a bold one, which he believes will deflate India's shadow economy

By Aashika Jain

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Bill Gates is all praise for Indian Prime Minister Narendra Modi's demonetization drive.The Microsoft founder Bill Gates called the move a bold one, which he believes will deflate India's shadow economy.

"The Prime Minister's bold move to demonetise high-value denominations and replace with new notes with high security features is an important step to deflate India's shadow economy," Gates said.

In a total surprise move, the Indian Prime Minister Narendra Modi scrapped Rs 500 and Rs 1000 making these notes invalid in one of the boldest crackdowns on black money and corruption in India.

The PM said post November 8 midnight, the currency notes of Rs 500 and Rs 1000 would be only paper, with no value and would no more be legal tender.

India is at the brink of a digital revolution with digital payment wallets swelling in number.

Among the popular digital wallets that have risen to the occasion are Vijay Shekhar Sharma-backed Paytm, Kunal Shah's Freecharge, Mobikwik, Paynimo, PayU Money and RuPay, which are aggressively campaigning to benefit from the opportunity.

Gates said India has all the pieces in place for a compelling vision for digital financial inclusion and said digital transactions would enhance transparency and reduce leakages

Gates added that Aadhaar will convert a cumbersome, paper-based account opening process into a 30-second, all-digital system along with creating a centralized data repository.

Aashika Jain

Entrepreneur Staff

Former Associate Editor, Entrepreneur India

Journalist in the making since 2006! My fastest fingers have worked for India's business news channel CNBC-TV18, global news wire Thomson Reuters, the digital arm of India’s biggest newspaper The Economic Times and Entrepreneur India as the Digital Head. 
Growth Strategies

Can NEET Exam Be Manipulated? What We Know So Far

Around 1500 students from six centres complained that they were not given the full time for completing the exam, because of various reasons including distribution of the wrong question paper, torn OMR sheets, technical glitches, and delay in distribution of the OMR sheets.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.