JPMorgan CEO Jamie Dimon Praises Modi's Reforms in India
JPMorgan Chase & Co. CEO Jamie Dimon lauded Prime Minister Narendra Modi's leadership in India, highlighting the significant reforms implemented under his administration. During an event hosted by the Economic Club of New York, Dimon commended Modi's efforts to modernize India's infrastructure, education system, and financial inclusion initiatives.
Dimon specifically praised the biometric identification system, Aadhaar, which has provided bank accounts to 700 million people and streamlined government transfers. He also acknowledged the Goods and Services Tax (GST), implemented by the Modi government, for reducing corruption and simplifying the tax system.
Dimon acknowledged the criticism Modi faces from some quarters, stating, "I know the liberal press here, they beat the hell out of him. He’s taken 400 million people out of poverty.” He emphasized the positive impact of Modi's policies, particularly in poverty reduction.
While acknowledging the challenges faced by the US economy, including national debt, inflation, and geopolitical conflicts, Dimon emphasized the need for a more collaborative approach between lenders and regulators. He also stressed the importance of inclusive economic growth and a return to a more practical approach in government.
Dimon's remarks highlight the growing recognition of India's economic progress under Modi's leadership. His praise for the reforms implemented by the Modi government underscores the significant strides India has made in recent years.