India to record highest growth among world economies: Ray Dalio

Dalio, who runs the world’s largest hedge fund Bridgewater Associates, said, “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,” he said.

Dalio was speaking at the World Government Summit 2023 in Dubai, and his comments on India were shared during a session titled ‘Governments and Changing World Order’.

Speaking about the world’s two largest economies, he said the US and China have power conflicts, but added that neutral countries like India will thrive.

“Countries that stayed away from wars will benefit,” Dalio said.

In 2022, India was among the fastest growth countries in the world and has significantly improved its position. At a time when economies like the US and Europe are staring at a recession, India is aiming for growth of over 6% in FY24.

While the Reserve Bank of India has estimated India’s GDP growth at 6.4% for FY24, the Economic Survey, presented by Finance Minister Nirmala Sitharaman, projected the GDP to be 6.0-6.8%.

The government has bolstered its investment plans for the next fiscal year, estimating capital expenditure of Rs 10 lakh crore, with most of it going into infrastructure and railways.

“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 said.

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