JPMorgan CEO extols PM Modi’s job; terms it “unbelievable”

JPMorgan Chase & Co CEO Jamie Dimon lauded Prime Minister Narendra Modi for doing an "unbelievable job" in India.

Speaking at an event hosted by the Economic Club of New York, Dimon appreciated Modi government and appreciated the reforms as well as the education system of the country, further underscoring the country’s advancements in technology and finance. He also noted the widespread adoption of digital identification and banking services, with over 700 million citizens having bank accounts.

Dimon complimented the Indian prime minister for his “tough” nature and resilience in challenging outdated bureaucratic systems.

Dimon recommended that the US adopt a similar approach, emphasizing, "We need a little bit more of that here." He specifically commended India's unified indirect tax system, which he believed effectively reduced corruption stemming from disparate state tax structures. Dimon acknowledged criticism from the liberal press, yet highlighted India's significant achievement: "He's taken 400 million people out of poverty."

Talking about the United States, Dimon expressed concerns about national debt, inflation, and geopolitical tensions and further cautioned that inflation, and subsequently higher interest rates, might persist longer than anticipated. 

Advocating for a more cooperative relationship between financial institutions and regulators, he underscored the need for inclusive economic growth and stressed on broader policy issues such as military strength, political polarisation, and the country's economic performance relative to others.

Dimon added, “I would like to see practitioners go back to the government.”