On Wednesday, at a webinar hosted by the Economic Club of New York, JP Morgan Chase & Co. CEO Jamie Dimon spoke highly about the Indian Prime Minister and its government.
What did Dimon say?
He said that Narendra Modi is doing an “unbelievable job” in India.
From India’s indirect tax regime, which eliminated corruption by eliminating the disparity in tax systems, to calling the education system and infrastructure “unbelievable,” he said, “Every citizen is recognized by hand, eyeball, or finger. They have bank accounts for 700 million people. Their transferred payments are going through.”
Additionally, he said, “I know the liberal press here; they beat the hell out of him. He’s taken 400 million people out of poverty.”
He highlighted that PM Modi is very “tough” as he has broken traditional bureaucratic systems in the country. On the point of bureaucracy, he compared the US with India, stating that “we need a little bit more of that here.”
The reforms implemented by the Modi government were referred to as a “proactive approach to challenges and bold reforms”.
Modi has done an unbelievable job in India: Jamie Dimon, CEO of JPMorgan Chase & Co. pic.twitter.com/hGFsDL7m0C
— Piyush Goyal (मोदी का परिवार) (@PiyushGoyal) April 24, 2024
On April 16, the International Monetary Fund projected India to remain one of the fastest-growing major economies in 2024. In its latest outlook, the IMF raised India’s growth projections for 2024 from 6.5 per cent to 6.8 per cent.
He concluded by cautioning how national debt, inflation and geopolitical conflicts could impact the US economy; he called for a better and easier relationship between lenders and regulators.
He added, “I would like to see practitioners go back to the government,” he said. On his name being floated for senior economic roles in the US government, he said, “I want to help my country.”
