India now where China was in 1984, will achieve high economic growth: US investor Ray Dalio

US investor Ray Dalio has said that India is right now where China was in 1984—when Beijing shifted to an open-door economic policy that ushered in a period of high economic growth—as he offered his bullish outlook on the South Asian giant's economic potential.

Speaking at the All-In Summit 2023 at Royce Hall on University of California's campus in Los Angeles, Dalio—the founder of Bridgewater Associates—also likened Prime Minister Narendra Modi to Chinese revolutionary leader Deng Xiaoping, who is credited with making China “the world’s factory”.

“We have 10-year growth rate estimates for India and the 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,” he said.

“So, if you look at the complexion of per capita income, I think Narendra Modi is a Deng Xiaoping. So that you have a massive reform, development creativity, all those developments. India is very important. I don't think any of the issues is going to stop India.”

Taking note of the internal challenges faced by India, Dalio said that such issues won’t stop Indiafrom becoming an economic powerhouse.

He also opined that India is going to immensely benefit from the China-US tussle.

“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.”

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