Modi and Dalio had an on-stage discussion at the third iteration of the Future Investment Initiative (FII) event.
Billionaire investor, hedge fund manager, philanthropist and author Ray Dalio has hailed Prime Minister Narendra Modi as one of the best leaders in the world.Modi and Dalio had an on-stage discussion at the third iteration of the Future Investment Initiative (FII) event on November 8.
In my opinion, Indian’s Prime Minister Modi is one of the best, if not the best, leaders in the world. I had an opportunity to explore with him how he thinks as well as what he thinks. If you’re interested in listening to it, here it is: https://t.co/upiMLOgKCA
— Ray Dalio (@RayDalio) November 7, 2019
During the conversation, Modi said that it was time that all countries came together to strengthen the United Nations, as the global body is set to turn 75 in two years.
He said that over the years, some powerful nations, instead of ensuring that UN grows stronger as an institution, have been using it as an instrument for their own narrow ends.
“Some countries have grown so powerful that they don't believe in global rules and some others are burdened by law. If the world has to run, then we ought to follow the rules,” Modi said.
He said that a stronger UN would provide a direction for the world by laying out clear roles and responsibilities for all the nations, in the context of rising conflicts across the globe.
Ray Dalio, author of the best selling book, Principles, is also a practitioner of meditation, like Narendra Modi.
In response to a question on the effects of meditation, Modi said that meditation helps in having balanced thoughts, a balanced view and the right view of the world
“When you look at events with a detached view, you are able to have balanced thoughts and take meaningful decisions. Those who meditate feel a particular sense of energy within themselves,” Modi said.
He also said that power today was no longer about expansionism.
“Your innovation, the benefits to your population and technological advancements matter more. It is important that you lift your region vertically and make its presence felt in the world,” Modi said.
On rapid technological advances, Modi said: “We have to train our future generations so that they are able to maintain and balance human values and technological growth. We don't want to create robots.”
Dalio lauded Modi’s efforts to having made a difference to the economically weaker section of the country.
“One of the things I think that you’ve done – well you’ve done many remarkable things - but one of them is to represent all of the people in India or its vast majority. You are not representing the poor or the rich, you are not representing one faction with relation to another. You’ve joined the country together, you’ve made tremendous accomplishments, you have brought something like 500 million toilets, and, you’ve brought water and you will bring water to all of those people and you’re changing their well-being in a united way,” Dalio said.
Modi responded by saying that his method to eliminate poverty was by empowering the poor.
“If we give power to the poor, then they themselves would come out of it,” he said.“The second thing is that the poor need dignity. When I give them a toilet, I am not giving them a facility, I am giving them dignity. When I open a poor person’s bank account, his balance does not matter. The fact that he opened a bank account is his dignity. That even though I am poor, I also go to the bank like a rich person. This empowerment, this dignity, changes his thinking. And I have targeted that and have achieved success in my country,” he said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.