Billionaire Investor Ray Dalio (Image Source: L: ANI, R: PIB, TN Digital)
Renowned billionaire investor and hedge fund manager
, Ray Dalio
, has expressed his optimism about India's exceptional growth potential among the top 22 countries globally, according to The Times of India report. He drew a parallel between India's current Prime Minister and former Chinese leader Deng Xiaoping
, who initiated significant economic reforms in the late 1970s that revolutionized China's economy.
As quoted by The Times of India, Dalio said, "“I think India is where China was in 1984. So, 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 elements. There are of course issues, risk issues,” He added, “religious intolerance issue having to do with a population of 240 million Muslims.” He also said that “India is very important. I don’t think any of the issues is going to stop India,”
He pointed out that historically, neutral countries have fared better or at least as well as the victors in conflicts. Therefore, amid the ongoing tensions between the United States and China, as well as their respective allies, India, positioned between these global powers, is poised to benefit.
Since assuming power in 2014, the Narendra Modi government has undertaken a series of reforms that have contributed to stable growth in India. Today, India stands as the world's fastest-growing major economy and has shown resilience in its recovery from the adverse effects of the COVID-19 pandemic. Furthermore, India has become an attractive destination for companies seeking to relocate their supply chains from China in the post-pandemic era.
Various multilateral organizations, such as the International Monetary Fund (IMF), view India as a bright spot amid the backdrop of a global economic slowdown. Policymakers anticipate India's economy to grow by 6.5 per cent in the current fiscal year, despite challenges like the global slowdown, inflationary pressures, and weather-related events hindering faster expansion.