Jamie Dimon, the chief executive of JPMorgan Chase & Co., praised the efforts of Prime Minister Narendra Modi in leading India, particularly his initiatives to improve the lives of its citizens. Dimon noted that Modi had faced criticism from some quarters but believed that the Indian leader had made significant progress in addressing the country’s challenges.
He spoke at an Economic Club of New York event where he commended the Modi regime’s reforms. Dimon highlighted the country’s biometric identification system, bank accounts for 700 million people, and efficient transfer payments. He also praised India’s education system and infrastructure as ‘unbelievable.’
Dimon described Modi as ‘tough’ in tackling bureaucratic hurdles and expressed a desire for similar decisiveness in the U.S. He commended India’s unified indirect tax system, which he believed reduced corruption caused by disparities in tax rates across different states.
Dimon cautioned about the U.S.’s national debt, inflation, and the impact of geopolitical conflicts on the economy. He anticipated that inflation and higher interest rates might persist beyond expectations. During his address, Dimon emphasized the importance of constructive collaboration between lenders and regulators, as well as the need for inclusive economic growth.
He also touched upon policy issues related to U.S. military power, political polarization, and the nation’s economic performance compared to other countries. Dimon expressed a willingness to assist his country by re-engaging practitioners in government roles, reflecting his commitment to contribute to the U.S.’s economic well-being.
