India may see highest growth rate among top nations in next 10 years: Ray Dalio

Painting a rosy picture of India’s future growth prospects, billionaire investor Ray Dalio said that the country has the highest growth potential in the coming 10 years among the top 20 nations.

Ray was further quoted in a ToI report saying, “India is where China was in 1984. If you look at the complexion of per capita income, PM Modi is Deng Xiaoping.”

Dalio, who was speaking at the All-In-Summit at Royce Hall on UCLA’s campus in Los Angeles, hoped that the country’s reforms under PM Modi would translate into economic growth.

“There are obviously risks to India’s growth, but none of these will likely act as a hindrance. Further, the country will benefit from the ongoing conflict between the US and China,” he said.

“If we look at the history, neutral countries reaped benefits and did their best than those countries in war. In the context of myriad ongoing conflicts, neutral countries like India are going to be beneficiaries.”

Ray Dalio is the founder of Bridgewater Associates, which is the world’s largest hedge fund. He is often labelled as a macroeconomic investor wedded to quantitative methods.

Recently, PM Modi met a number of American thought leaders in his US visit including the billionaire investor.India’s gross domestic product (GDP) recorded a growth of 7.8% on an annual basis for the June quarter, which was in line with the expectations of analysts. The government estimates that the growth for FY24 will be around 6.5%.

Following the first quarter growth print, ratings agency Moody’s has raised the GDP estimate for 2023 to be around 6.7% from 5.5% earlier.

British lender Barclays said that post the 2024 general elections, the country’s GDP growth rate will reach 8% and overtake China as the biggest contributor to global growth.

“India is set to remain the fastest-growing major economy for some time. However, post general elections, the policy may tilt towards even faster economic expansion,” it said.

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