New Delhi, Mar 20 (PTI) India is playing a pioneering role in shaping a broader agenda for the Global South and Indian innovation can help solve various global challenges like ensuring financial inclusion in developing nations, Bill & Melinda Gates Foundation CEO Mark Suzman has said.

In an exclusive interview to PTI, Suzman especially commended India's focus on the Digital Public Infrastructure (DPI) agenda (DPI) that became a centerpiece of the country's G20 presidency.

Suzman's remarks came as the board of the Gates Foundation is currently on a rare visit to India.

The Gates Foundation CEO described India as an increasingly dynamic nation where human capital is expanding, yet it still has significant potential for further growth.

That is the sweet spot - ”where we believe our investments can help drive even greater progress in the years ahead, Suzman said.

"The kinds of partnerships we are seeing here in India, whether in the biotech space, agriculture, healthcare, or education, are incredibly exciting," he said.

"I keep using the term innovation agenda because that is what will be key to global progress in the future. However, progress must also be cost-effective. The amount of global resources available for public goods is constrained," he said.

Suzman also highlighted how the Gates Foundation is excited to expand its work in India considering the country's upswing in diverse fields including health and innovation.

"India, I know, is concerned about its growth rate not being as high as it could be, but most other countries would love to have India's current growth rate." "At the moment, there are significant fiscal constraints across both the Global North and the Global South. This makes it even more critical to focus on the most efficient, high-impact, and high-leverage investments and interventions," he said.

"That is what we ”and the Board ”came to India to learn from. I can confidently say that we are leaving this trip even more excited and energized about the potential of working with India to scale and improve human impact outcomes," he said.

"But beyond that, we are also inspired by India's role in shaping a broader global agenda. I believe we are at a key turning point," Suzman added.

The CEO of the Gates Foundation also lauded India's work in the health sector.

"We're actually more excited about the health and technology work that's going on in India because it focuses on what we call 'frugal innovation'." "When you look at the US health sector, there are many terms you can use, but frugal is not one of them. It is the most expensive health sector in the world, and its health outcomes are not very good relative to the amount of money that's spent," he explained.

"Here, when you're looking for frugal, what are the cost-effective things, whether it's a cost-effective vaccine or a diagnostic treatment, that's where the Indian system is so dynamic and so exciting for us. So we actually think that's where our potential future leverage is going to be," Suzman added.

To a question on whether the Foundation is re-orienting its policies to address challenges arising out of various global conflicts, he said there was no change in the policies but the overall budget is being enhanced.

"No, we are not reorienting. If anything, we're more committed than ever. Say, at this time of global turmoil, our vision, which we believe is a universal vision, that every person deserves the chance to have a healthy and productive life, is more important than ever," he said.

"We've actually been increasing our budget. So this year, we have a record budget of USD 8.75 billion all for grant money. Next year, the board has already agreed we will go up to USD 9 billion a year," he said.

"That will make us by far the largest philanthropic foundation in the world by payout. That is because we see the need to commit to the poorest, most vulnerable, at a time of geopolitical crisis where often their needs are neglected," he added.

Suzman said that one of the reasons for the Foundation to focus on India is to help itself become more optimistic, "because sometimes it is a bit challenging in other parts of the world right now, where people are very gloomy, and you don't get a sense of that possibility".

"And here, there is that kind of dynamism and energy that we want to be able to take, learn from, get re-inspired by, and help make sure that people across the world can have that same kind of dynamism and energy going forward," he said.

Suzman also complimented India's focus on DPI agenda.

"This has been a very rapid progress which then became a centerpiece of the prime minister and India's hosting of the G20," he said.

Suzman cited the UPI payments in India under the DPI initiative saying now every Indian takes it for granted.

It is a pioneering new innovation and we're still trying to roll out in the rest of the world, he said.

Because of India's focus on DPI, it was part of the Brazilian G20, it's a "big part" of the South African G20 this year, he said.

"I think it's a real moment of transition for India on the global stage," he said. PTI MPB ZMN