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India has Great Potential to become most Digitised Economy Globally in 7 years, says Bill Gates

Bill Gates, who co-chairs the Bill and Melinda Gates Foundation, said automation, cloud services and AI are poised to eliminate manufacturing jobs

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Bill Gates
Microsoft founder Bill Gates. Flickr

New Delhi, November 17, 2016: Noting that India has great potential to become the most digitised economy globally in mere seven years, Microsoft founder Bill Gates has dubbed the government’s demonetisation measure as a “bold move” that will help in deflating the Indian shadow economy.

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“The Prime Minister’s bold move to demonetise high-denomination notes and replace these with new ones with high-security features is an important step to deflate India’s shadow economy,” Gates said while delivering the Niti (National Institution for Transforming India) Aayog lecture on ‘Transforming India’ here on Wednesday.

Lauding the Aadhar Card scheme and Pradhan Mantri Jan Dhan Yojna for helping the disadvantaged sections in India to connect to the banking system, Gates said: “India has all the pieces in place for a compelling vision for digital financial inclusion. Aadhar will convert a cumbersome, paper-based account opening process into a 30-second all- digital system.”

The Aadhaar Unique ID system will also create a centralised data repository, he added.

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Speaking of Artificial Intelligence (AI), Gates, who co-chairs the Bill and Melinda Gates Foundation, said automation, cloud services and AI are poised to eliminate manufacturing jobs.

Describing this as an opportunity for the Indian Information Technology sector, the Microsoft leader called for India to embrace these new technologies, despite the fears provoked by such rapid transformation.

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Aiming to work with the government on various issues including e-payments, digital health, digital literacy and e-agriculture in India, Gates held a meeting here with IT and Law Minister Ravi Shankar Prasad on Thursday. (IANS)

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Jeff Bezos, Bill Gates Running out of Money to Support Services Such as Police, Fire and Parks

The cost of fire services have increased nearly two-fold in 2019

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bezos, money, bill gates
Bezos whose worth nearly $119 billion is running out of money. VOA

The Washington town where billionaire Amazon Founder and CEO Jeff Bezos and Microsoft co-founder and philanthropist Bill Gates live is running out of money, the media has reported.

Bezos and Gates, who are worth nearly $119 billion and $107 billion, respectively, have homes in the small town of Medina, in Washington, which is running out of money to support services such as police, fire and parks.

Global retail behemoth Amazon is headquartered in Seattle while software giant Microsoft is just outside the city. “A town newsletter sent out this month is urging residents to vote yes on a ballot measure that would lift the property tax cap.

Bill Gates, bezos, money
Microsoft founder Bill Gates. Flickr

“You may find it hard to imagine that the City doesn’t have enough income to sustain current service levels, particularly in this economy. While property values continue to rise, the City’s tax revenues don’t rise in tandem, the newsletter read,” the Fox Business reported on Tuesday. The cost of fire services have increased nearly two-fold in 2019.

ALSO READ: Instagram Planning to Enter into e-Trade Business, Threatens Amazon Dominance

“This fall, the question of how to maintain Medina will go to voters. The Medina City Council is placing a levy lid-lift measure on the Nov. 2019 ballot. If approved, the levy lid-lift would provide funds to continue current service levels without significant cuts,” the newsletter stated, according to the Fox Business. The town has a population of just over 3,000 people, and is the seventh-richest zip code in the country. (IANS)