Ray Dalio says India set to clock highest growth in the world

Speaking at the World Government Summit 2023 in Dubai, Ray Dalio ranked India high up during a session titled ‘Governments and Changing World Order’. (File photo)

Ray Dalio, the billionaire founder of world's largest hedge fund Bridgewater Associates, is super bullish on India and says the country is set to record the highest growth in the coming years.

Addressing the World Government Summit 2023 in Dubai, Ray Dalio ranked India high up during a session titled ‘Governments and Changing World Order’.

“India has a bright future. From the last 10 years of study and based on what we are seeing for the country, India will have the biggest and fastest growth rate. This country will see the biggest transformation among the rest of the countries of the world,” Dalio explained, according to story by Gulf News. He also added, "The dynamic of India is very interesting. It is dominated by a few families. It is not very open and it is not an easy place to get into but it will do well."

Dalio's comments come just months after the International Monetary Fund (IMF) declared India as the fifth-largest economy in the world, according to the latest gross domestic product (GDP) calculations. IMF database mentioned that the Indian economy edged past the UK to become the fifth-largest in the world in December 2021 quarter. It later projected India to close 2022 with a GDP of $3.53 trillion, behind the US ($25.35 trillion), China ($19.91 trillion), Japan ($4.91 trillion) and Germany ($4.26 trillion).

Additionally, Dalio in the conference, also stated that the US, China have power conflicts, but “neutral countries” like India will thrive. “Countries that stayed away from wars will benefit,” said Dalio in a conversation with Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs, Gulf News reported.

Late last year, the billionaire founder of Bridgewater Associates finally moved on from controlling the firm for 12 years. On September 30, 2022, Dalio transferred all of his voting rights to the board of directors and stepped down as one of Bridgewater’s three co-chief investment officers, entrusting its future and $150 billion in assets to a younger generation of leaders with their own ideas about investing.