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India has highest potential growth rate: American investor Ray Dalio

Business Tuesday 19/September/2023 08:07 AM
By: ANI
India has highest potential growth rate: American investor Ray Dalio

Washington, DC: American investor Ray Dalio has said that India has the highest potential growth rate. Speaking at the All-In Summit conducted by The All-In Podcast, Dalio called India "important," he said that New Delhi is where China was when he started to go there in 1984.

Ray Dalio is an American investor and hedge fund manager, who is the founder of Bridgewater Associates one of the world's largest hedge funds.

In the podcast that showcased on social media platform YouTube, Dalio compared Prime Minister Narendra Modi to former Chinese President Deng Xiaoping and spoke about massive reform, development and creativity in India. In 2014 when Narendra Modi was sworn in as the Prime Minister, India was the 10th largest economy. In 2022, India became the fifth-largest economy overtaking the UK. Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany.

At the All-In Summit 2023 at Royce Hall on the UCLA Campus in Los Angeles, Dalio said, "We have ten-year growth rate estimates for China excuse me, India and all the countries, top 22 countries. And you could see it online if you want, country by country, and the reasons for it, India has the highest potential growth rate."

"I think India is where China was when I started to go. I started to go in 1984. So, if you look at the complexion, the per capita income, and I think Modi is a Deng Xiaoping, so that you have a massive reform, development, creativity, all those elements. There are, of course, issues, risk issues, but India is very important," he added.

Ray Dalio recalled that the neutral countries in history did the best. He noted that nations like India, who have maintained a neutral stance, amid the ongoing conflict between the US, China and Russia are going to be the net beneficiaries.

"Also, in history, the countries that were the neutral countries did the best. So, in other words, better than the winners in wars. So, as we have this conflict between the United States and China and its allies, Russia and so on, as we see that lineup, countries that are in the middle, like India, are going to be net beneficiaries of that," he said.

Earlier on September 14 Fitch Ratings retained India's growth forecast for the current fiscal at 6.3 percent saying the Indian economy continues to show resilience. In June, Fitch Ratings had raised India's growth forecast for 2023-24 to 6.3 per cent from its earlier estimate of 6.0 per cent in March -- making the country one of the fastest-growing major economies in the world. (ANI)