“India is where China was in 1980s, bound to grow into world’s top economies”, says American billionaire

New Delhi: India stands at a turning point, has many advantages as compared to other fast-growing nations and next few years of growth will catapult it into one of the top global economies, said the American billionaire Ray Dalio.

Dalio showered praise on the slew of reforms initiated under Modi government and said that this was shaping the country’s contours for high-trajectory growth and setting the stage for it’s emerge as a ‘global power’.

American billionaire investor Ray Dalio made the rousing forecast about India’s growth prospects, while speaking at the All-In Summit 2023 at Royce Hall on UCLA’s campus in Los Angeles, USA. He is also the co-founder of the world’s biggest hedge fund Bridgewater Associates.

“We have 10 year growth rate estimates for India and top 20 countries of the world. India has the highest potential growth rate. I think India is where China was when I started to go in 1984 ,” said Ray Dalio.

The US business tycoon likened Indian Prime Minister Narendra Modi to China’s Deng Xiaoping (credited for bringing foreign investors in China) and said that massive reforms, creativity and developmental work is happening under him.

“If you look at the complexion of per capita income, I think Modi is a Deng Xiaoping, so that you have a massive reform, development creativity, all those developments,” he said.

Dalio though admitted there are many ‘headwinds’ and internal issues like religious faultlines but all that will not impede India’s growth.

अमेरिकी अरबपति ने भारत ने लिए की ऐसी ‘भविष्यवाणी’, बताया सुधारों से कैसे देश की बदल रही तस्वीर और ताकत pic.twitter.com/mu8ssAWeei

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Further underscoring the growth potential of neutral nations in turbulent times, the US billionaire said that countries who have ‘neutral in wars are the winners’.

“As we have the conflict between US and China and its allies, Russia and so on, countries that are in the middle like India are going to be beneficiaries of that” Dalio said.

In fact, it’s not the first time the US billionaire has painted bright picture of India’s growth story. During Chandryaan-3 launch, he spoke about how India was in a similar situation like China of 1984, when the latter opened itself for foreign investment and how it helped propel it into world’s fastest growing countries.