Ray Dalio on India becoming a global power: ‘PM Modi like China’s Deng Xiaoping'

Ray Dalio had met PM Modi during his US visit in June and discussed the reforms undertaken by the government.

Investor and founder of investment management company Bridgewater Associates, Ray Dalio, said India currently has the highest growth rate while likening India to China from the 1980s and Prime Minister Narendra Modi to former leader of People’s Republic of China Deng Xiaoping. The latter has been widely credited for opening up the Chinese economy to foreign investors as he encouraged the creation of a market economy and capitalist-like enterprises in the country.

Ray Dalio, Bridgewater's Co-Chairman and Co-Chief Investment Officer, seen.(Reuters)

“We have 10 year growth rate estimates for India, all the countries top 22 countries… India has the highest potential growth rate… India is where China was when I started to, I started to go in 1984. So if you look at the complexion, the per capita income and I think Modi is a Deng so that you have a massive reform development, creativity, all those elements, there are of course issues, risk issues. But India is, is very very important,” Ray Dalio in a podcast at the All-In Summit 2023 at UCLA campus in Los Angeles.

The summit was hosted by the All-In Podcast. It included Chamath Palihapitiya, Jason Calacanis, David Sacks & David Friedberg.

Ray Dalio said during the podcast summit, “Now, of course, there's there is a religious internal issue having to do with the population has 240 million Muslims. And I don't think that any of these issues is going to stop India. I 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 line up countries that are in the middle like India are going to be net beneficiaries of that.”

The investor had met PM Modi during his US visit in June and discussed the reforms undertaken by the government. PM Modi had also invited Ray Dalio to make further investments in the country. The billionaire had then said that India’s potential is enormous and is at a juncture where a lot of opportunities will be created.