Updated November 8th, 2019 at 12:23 IST

PM Modi to Ray Dalio: A nation's strength is now based on innovations

PM Modi questioned by founder, chairman and Co-Chief Investment Officer of Bridgewater Associates, Ray Dalio about the emerging challenges in the world.

India
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Prime Minister Narendra Modi who delivered the keynote address at Saudi Arabia's flagship annual investor meeting on Thursday, had been questioned by the founder, Co-Chairman, and Co-Chief Investment Officer of Bridgewater Associates, Ray Dalio about the emerging challenges in the world.

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'Now the strength of a nation is on the basis of new innovations'

PM Modi responding to the question stated that: “Once the power of a nation was judged by the land that remained under its control and nations followed the expansionist policy. Now the strength of a nation is on the basis of new innovations, technology interventions and so on. We have to work for vertical growth.” PM Modi added, "To maintain a balance between human values and technology is a challenge.”

Ray Dalio further sought PM Modi's opinion on ongoing conflicts in the world that of trade, technology capital, and currency conflict as well as the geopolitical conflicts going on. "We don't have a world organisation or world rule book. I have to be a pragmatist and you are having to be a pragmatist. How will we work together? How will that play out in your mind?" Dalio asked.

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PM Modi had pressed for the reform of the United Nations

In his keynote address, Prime Minister Modi had pressed for the reform of the United Nations while expressing regret over some countries using the global body as a "tool" rather than an "institution" to resolve conflicts. Responding to the billionaire investor's question Modi pointed out that the reasons for waging war in the current times have increased and digging new arenas for war is a sign of mankind's weakness. The Prime Minister said, "unfortunately we failed to develop the UN as an institution for conflict resolution." Even after 70 years the UN has failed to bring about change as desired and those nations should look to reform the UN structure, Modi said. Dalio ended the conversation by thanking the prime minister for the talk and for what he was doing as a leader of India.

Ray Dalio's complete conversation with PM Modi:

In my opinion, Indian’s Prime Minister Modi is one of the best, if not the best, leaders in the world. I had an opportunity to explore with him how he thinks as well as what he thinks. If you’re interested in listening to it, here it is: https://t.co/upiMLOgKCA
— Ray Dalio (@RayDalio)