Chandrayaan-3 landing: Ray Dalio says India reminds him ‘a lot of China in 1984’

Investor Ray Dalio, founder of investment management company Bridgewater Associates, took to social media to congratulate India on the successful Moon-landing mission, Chandrayaan-3. He said that India has the right mix of ingredients to take it to the top and that the country now reminds him of China in 1984. 

“India's successful lunar mission (landing its Chandrayaan-3 spacecraft on the moon) is another one of many straws in the wind showing its ascendence. As previously shown in my health index for countries, which is used to derive my projections for countries' next 10-year growth rates, India scores on top with a projected growth rate over the next 10 years of about 7 per cent,” said Dalio.

He stated that India has the right mix of ingredients that show that it has great potential and the right leadership to catalyse it. “It reminds me a lot of China in 1984 (when I first went) around the time Deng Xiaoping made his reform and opening up policies that catalyzed China. Congratulations India!,” he said. 

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Deng Xiaoping served as the leader of the nation from 1978 to 1989. He is known to have introduced a host of policies that took China out of poverty. His policies are largely credited for opening up the economy to foreign investors and technology and introducing its labour force to the global market. Xiaoping, along with his successors have been credited for their contribution to the transformation of the Chinese economy into the second-largest in the world. He is credited as the architect of a new brand of thinking.  

Ray Dalio had recently met Prime Minister Narendra Modi during his US visit from June 21-24 at the invitation of US President Joe Biden and First Lady Jill Biden. The duo discussed the reforms undertaken by the government to foster growth, including reduction of compliances and decriminalisation of a large number of legal provisions. PM Modi invited Dalio to make further investments in the country. 

Dalio had later told news agency PTI, “Potential of India is enormous and you now have a reformer who has the ability to transform. India and Prime Minister Modi are at a juncture in which a lot of opportunities will be created.”

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