American investor Ray Dalio offered his bullish outlook on India’s economic potential. A particularly intriguing highlight was Dalio’s comparison of Prime Minister Narendra Modi to Chinese revolutionary Deng Xiaoping, the leader often credited with revolutionising the country’s economy.
Dalio, the founder of Bridgewater Associates, was speaking at the All-In Summit 2023 at Royce Hall on UCLA’s campus in Los Angeles, USA. He emphasised that – just as Deng catalysed China’s economic surge, Modi could be the driving force behind India’s development.
“I think Modi is a Deng Xiaoping,” Dalio said.
Dalio’s views were voiced during the summit’s podcast hosted by industry stalwarts Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg. He underscored India’s high potential for growth over the next decade. Without revealing specific figures, he stated that India’s growth rate surpasses all other countries when evaluated through leading indicators and statistical measurements.
While acknowledging the existence of issues and risks within the Indian context, Dalio was optimistic that none would derail India’s promising trajectory. For him, these challenges are not substantial enough to impede the nation’s growth. He cited internal religious issues pertaining to the Muslim population as an example, dismissing it as a non-factor in India’s economic journey.
The investor also pointed out the advantageous position of neutral countries in global geopolitics. Amid the ongoing conflict between the U.S. and China, Dalio argued that countries maintaining a neutral stance, like India, could emerge as the ultimate beneficiaries.
Dalio’s earlier comment on PM Modi
In June, Dalio expressed his belief in India’s immense potential and its transformative leader, PM Modi. Dalio said, “Prime Minister Narendra Modi is a man whose time has come when India’s time has come.”
Describing Modi as a ‘radical reformer’, he said, “The potential of India is enormous and you have now a radical reformer who has the ability to transform and the popularity to transform.”
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Updated: 18 Sep 2023, 02:23 PM IST