The one thing Elon Musk, Ray Dalio, Apple and Goldman Sachs agree on: India

• Some of the biggest names in global investing and business are hailing India as the next big investment destination.

• The nation's booming tech scene, buoyant stock market, and youthful population are just some of the factors going for it.

• Here's a deeper dive into why the world's fifth-largest economy holds so much potential.

After China's rise as an economic powerhouse over the past few decades, some of the biggest names in business and investing are now pointing to another Asian nation as the next big investment destination: India.

Billionaire investor Ray Dalio has said the country is ready for rapid growth, while Elon Musk has highlighted the prospect of Tesla building a factory there. Apple CEO Tim Cook has also voiced his optimism toward India, while Goldman Sachs predicts the South Asian economy to surpass the US in size by 2075.

Factors seen favoring  India's economy in the coming years include a large and relatively youthful population, a vibrant stock market, and the nation's strong tech industry, according to experts.

India recently surpassed China as the world's most populous country. The nation's benchmark stock indexes Sensex and Nifty 50 hit record highs this month.

From billionaire entrepreneurs to Wall Street banks, all eyes are on India. Here's a closer look at their comments, projections and plans.

Elon Musk

Musk has been eyeing India for over two years now. Back in 2021, the Tesla CEO said he was "quite likely" to build an electric-vehicle factory in the country, but only if government officials lowered import fees for completed vehicles.

"If Tesla is able to succeed with imported vehicles, then a factory in India is quite likely," Musk had said on Twitter at the time. He added: "We want to do so, but import duties are the highest in the world by far of any large country!"

Fast forward to 2023, and Musk is starting to see those visions move closer to reality. After meeting Indian prime minister Narendra Modi last month, the billionaire entrepreneur said the EV maker would establish its presence in the country "as soon as humanly possible."

Tesla is eyeing the South Asian nation to build a factory producing a debut $24,000 car, Reuters reported this week. Sources told the outlet that Musk is set to meet Indian government representatives to discuss a new Tesla plant this month.

Ray Dalio

According to the billionaire investor, India is primed to be the next big global investing opportunity, especially as tensions between Washington and Beijing worsen.