Billionaire investor Ray Dalio says he is ‘impressed’ by Indian PM Modi
Al Drago | Bloomberg | Getty Photographs
His tweets got here on the identical day that scores company Moody’s downgraded India’s ranking outlook from ‘steady’ to ‘unfavorable.’ To be clear, his authentic tweet appeared earlier than Moody’s introduced its scores change.
Earlier Thursday, Dalio posted a video on his Twitter account the place he shared the stage with Modi on the Future Funding Initiative in Riyadh, Saudi Arabia final month.
Modi delivered a keynote deal with on the occasion in Saudi Arabia the place he talked about empowering “the poorest of the poor.” Dalio and Modi then spoke on a spread of subjects that included meditation, the state of the world and world conflicts.
Dalio clarified his authentic tweet in a collection of tweets later within the day.
“I get a number of questions on this submit, largely about geopolitics. I need to clarify that I am not commenting on his geopolitical insurance policies as I am not educated sufficient to touch upon them,” the founding father of Bridgewater Associates stated.
Modi’s authorities has been criticized for revoking Jammu and Kashmir’s particular standing earlier this 12 months and its heavy-handed method within the Kashmir valley to stop any backlash.
Dalio defined he’s “impressed” by Modi’s capability to carry collectively Indians by “serving to the complete vary of individuals, from those that are in abject poverty to wealthy enterprise leaders.” He stated Modi is doing so by “offering each fundamentals and leading edge digital applied sciences,” and pointed to the Indian chief’s Swachh Bharat marketing campaign that constructed greater than 100 million bathrooms across the nation.
In Might, Modi and his Bharatiya Janata Celebration received a landslide victory on the Indian parliamentary election.
“I believe he has a superb probability of making revolutionarily higher outcomes with the broad help of the inhabitants,” Dalio stated.
Nonetheless, India’s financial issues are mounting. Development hit a six-year low within the April-to-June quarter, throughout which the economic system grew 5% from a 12 months in the past. Its finance sector is in disaster mode, which has hamstrung lending, whereas the manufacturing sector is struggling, economists stated.
Current coverage reforms have left small-and-medium companies reeling. As well as, the Indian economic system can also be struggling to create sufficient jobs for its workforce.
Modi’s authorities is alleged to be in a precarious place the place it must preserve its fiscal deficit beneath management with a view to retain investor confidence whereas additionally initiating coverage strikes to stimulate the economic system.
All of these points seem towards a backdrop the place world development can also be slowing down.