Jamie Dimon, the chief executive of JPMorgan Chase & Co., lauded Indian Prime Minister Narendra Modi for his governance and reform initiatives that have been implemented in India, highlighting India’s progress in various areas such as digital identification, banking inclusion, education, and infrastructure.
Speaking at an event organised by the Economic Club of New York, Dimon expressed his admiration for Modi’s efforts in modernizing India’s systems and breaking down the bureaucratic barriers. He described the Indian government’s achievements in establishing digital identities for citizens and expanding banking access to 700 million people as remarkable advancements.
Despite facing criticism from some quarters, Dimon applauded Modi’s success in lifting 400 million people out of poverty, emphasizing the significant impact of the Prime Minister’s policies on poverty alleviation.
Dimon also noted the leaps that have been made in India’s education sector and infrastructure development, characterizing them as “unbelievable” assets for the country. He specifically praised Modi’s resolve to implement reforms that have streamlined India’s indirect tax structure, reducing corruption stemming from varying state tax systems.
Prime Minister Modi done an “unbelievable job”.
– JPMorgan CEO Jamie Dimon pic.twitter.com/zc080QUuRT
— Parshottam Rupala (मोदी का परिवार) (@PRupala) April 24, 2024
In addition to his remarks on India, Dimon addressed key concerns about the U.S. economy, cautioning against rising national debt, inflationary pressures, and geopolitical tensions. He suggested that inflation and associated higher interest rates could persist longer than anticipated, underscoring the need for prudent fiscal policies.
During his discussion, Dimon advocated for greater collaboration and harmony between financial institutions and regulatory bodies in the U.S., advocating for inclusive economic growth strategies.
Dimon’s comments come amid speculation about his potential role in senior economic positions within the U.S. government. Despite these rumors, Dimon emphasized his commitment to serving his country and expressed a desire to contribute positively to national economic policy.
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