Founder of world's largest hedge fund expects India to have highest global growth

Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, is bullish on India. Speaking at the World Government Summit in Dubai, Dalio said that India will have the highest growth rate in the world and that he expects to see a "big transformation."

“India will have probably the greatest growth rate, the fastest growth economically, have the greatest transformation than any other country. We are in the UAE, and you think about what's going on here and in Saudi or you go to Singapore or look at what's happening in ASEAN countries - Indonesia, Vietnam and so on and then you look at India, it’s in advantage. Through all history and World Wars, India will do great, I think, and then the question is what is happening for the rest of us,” Dalio said.

Dalio's comments come at a time when the International Monetary Fund (IMF) said that India remains a "bright spot" and along with China, would account for half of the global growth in 2023, compared to just a tenth for the United States as well as European area combined.

The International Monetary Fund (IMF) in its latest Economic Outlook Report has pegged India's growth for this fiscal at 6.8 percent, with a drop to 6.1 percent in FY24, and a rise again to 6.8 percent in FY25.