JPMorgan CEO Jamie Dimon lauds Narendra ModiTop Stories

April 24, 2024 19:51
JPMorgan CEO Jamie Dimon lauds Narendra Modi

Jamie Dimon, the CEO of JPMorgan Chase & Co, expressed admiration for Prime Minister Narendra Modi's exceptional performance in India. During a gathering organized by the Economic Club of New York, Dimon applauded the reforms introduced by Modi's administration. He highlighted India's impressive advancements in technology and finance, noting the extensive use of digital identification and banking services, which have reached over 700 million citizens. Dimon also commended India's education system and infrastructure, describing them as remarkable.

Dimon praised PM Modi for his resilience in challenging outdated bureaucratic systems, referring to him as a "tough" leader. Dimon suggested that the United States could benefit from a similar approach, stating, "And we need a little bit more of that here." He specifically praised India's unified indirect tax system, which he believed effectively reduced corruption resulting from varying state tax structures. Dimon addressed the criticism faced by Modi, particularly from the liberal press, and emphasized that the Prime Minister had successfully lifted 400 million people out of poverty.

While discussing the United States, Dimon expressed concerns about the national debt, inflation, and geopolitical tensions' impact on the economy. He cautioned that inflation, and subsequently higher interest rates, might persist for a longer duration than initially anticipated. Dimon emphasized the importance of inclusive economic growth, highlighting the crucial relationship between financial institutions and regulators. He also addressed wider policy concerns such as military prowess, political polarization, and the nation's economic standing compared to others. Dimon expressed his desire for practitioners to re-engage with the government.

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Narendra Modi  JPMorgan CEO  Jamie Dimon