JPMorgan Chase & Co CEO Jamie Dimon praised Prime Minister Narendra Modi, saying that he has been doing an "unbelievable job" in India.
Speaking at an event hosted by the Economic Club of New York, Dimon commended the reforms implemented by the Modi government.
Dimon highlighted India's advancements in technology and finance, noting the widespread adoption of digital identification and banking services, with over 700 million citizens having bank accounts.
Dimon also praised India's education system and infrastructure, describing them as "unbelievable."
He complimented PM Modi for his resilience in challenging outdated bureaucratic systems, calling him "tough".
Dimon suggested that a similar approach is required in the US and said, "And we need a little bit more of that here."
He particularly praised India's unified indirect tax system, which he believed curbed corruption arising from varying state tax structures.
“I know the liberal press here, they beat the hell out of him. He’s taken 400 million people out of poverty,” said Dimon.
Talking about the United States, Dimon expressed concerns about national debt, inflation, and geopolitical tensions affecting the economy.
He cautioned that inflation, and subsequently higher interest rates, might persist longer than anticipated. Dimon advocated for a more cooperative relationship between financial institutions and regulators, underscoring the need for inclusive economic growth.
Dimon also talked about broader policy issues such as military strength, political polarisation, and the country's economic performance relative to others.
“I would like to see practitioners go back to the government,” said Dimon.
