New Delhi: Jamie Dimon, Chairman and CEO of JPMorgan Chase on Tuesday praised Prime Minister Narendra Modi and expressed his admiration for the achievements by India. the JPMorgan Chase CEO was speaking at a luncheon organised by the Economic Club of New York.
Dimon spoke on current trends in global finance and shared his insights into evaluating and managing the economic and geopolitical risks ahead.
The video of Dimon's comments on India were posted by Union Minister Piyush Goyal on social media platform X. Dimon, known for his astute observations on global economies and politics, remarked, "Modi has done an unbelievable job in India."
Dimon highlighted PM Modi's efforts in poverty alleviation, infrastructure development, and bureaucratic reforms, emphasizing the remarkable progress India has made under his leadership.
Dimon criticized what he referred to as the "liberal press" in India for often criticizing Modi, despite his significant achievements. He pointed out that PM Modi's policies have lifted around 400 million people out of poverty, a monumental feat that deserves recognition.
The CEO also highlighted PM Modi's initiatives such as the Swachh Bharat Abhiyan, which aims to provide sanitation facilities to every household in India.
Dimon expressed disbelief at how some foreign governments, often lecture PM Modi on issues like climate change and labor rights when there are still millions in India without access to basic amenities like toilets.
Dimon said, "It's as if we're preaching about climate, labour, and how we believe their country should be run. He has 400 million people without toilets, yet we're telling him how to do things."
Dimon praised India's progress in financial inclusion, mentioning that the government has opened bank accounts for around 700 million people, ensuring financial access to a significant portion of the population.
He also commended the country's education system and infrastructure development, describing them as "unbelievable."
He said, "They've started this amazing trend where every citizen is recognized by hand, eyeball, or finger. They've opened bank accounts for 700 million people, and payments are being processed smoothly. Their education system and infrastructure are remarkable, lifting the entire country because of one just and tough man. But to break down bureaucracy, you have to be tough, and he's doing just that."
"They have I think its 29 states or something like that, but they all had completely- its almost like Europe that have completely different tax systems, which leads to enormous corruption. He's breaking all that stuff down. And so, there are examples of people who have just turned these things around. And we need a little bit more of that here," Dimon added.
Recently on April 16, the International Monetary fund had projected India to remain the fastest growing among major economies in 2024. IMF, in its latest outlook, raised India's growth projections for 2024 from 6.5 per cent to 6.8 per cent.
