American investor Ray Dalio has given a bullish outlook on India’s economic potential. A particularly interesting highlight was Dalio’s comparison of Prime Minister Narendra Modi and Chinese revolutionary Deng Xiaoping. Deng Xiaoping is a leader often credited with revolutionizing the country’s economy.
Mr. Dalio, founder of Bridgewater Associates, spoke at All In Summit 2023 held at Royce Hall on the UCLA campus in Los Angeles, USA. He stressed that Modi could become a driving force for India’s development in the same way that Deng Xiaoping facilitated the rapid growth of China’s economy.
“I think Modi is Deng Xiaoping,” Dalio said.
Dalio’s opinion was expressed on the summit’s podcast, hosted by industry heavyweights Chamath Palihapitiya, Jason Karakanis, David Sachs and David Friedberg. He highlighted India’s high growth potential over the next decade. Although he did not provide specific numbers, he said India’s growth rate is outpacing all other countries when measured through leading indicators and statistical measurements.
While Dalio acknowledged that there are challenges and risks in India’s situation, he was optimistic that nothing could derail India’s promising trajectory. To him, these challenges are not serious enough to hinder the country’s growth. He cited the country’s religious issues regarding Muslims as an example, dismissing them as not a factor in India’s economic development.
The investor also pointed to the advantageous position of neutral countries in global geopolitics. As the US-China conflict continues, Dalio argued that countries that maintain a neutral stance, such as India, could be the ultimate beneficiaries.
Dalio’s previous comments on PM Modi
In June, Dalio expressed his belief in India’s immense potential and its transformative leader, Prime Minister Modi. “Prime Minister Narendra Modi is the man whose time has come when India’s time has come,” Dalio said.
Describing Mr. Modi as a “radical reformer”, he said, “India’s potential is enormous and now we have a radical reformer with the capacity and the popularity to transform.”