“Modi has done an unbelievable job in India,” said CEO of US banking firm JPMorgan Chase & Co Jamie Dimon as he heaped praises on the Indian Prime Minister.
Speaking at an event hosted by the Economic Club of New York, Dimon lauded the reforms undertaken in the recent past during the PM Modi regime.
Dimon even went on to say a lot of US government officials are “fantasising… how we think they should be running their country” while the Indian leader is facing challenges head-on.
‘Modi has taken 400 million people out of poverty’
“Modi has done an unbelievable job in India… He has taken 400 million people out of poverty. We go and lecture Modi when they want to trade with us… he has 400 million people without toilets. We are lecturing them how to do things,” he said.
Praising India’s indirect tax regime which Dimon said removed corruption by eliminating disparity in tax systems followed by different states, the JP Morgan CEO said, “I know the liberal press here, they beat the hell out of him. He’s taken 400 million people out of poverty.”
India has ‘unbelievable infrastructure, education system’
The CEO of the US bank further said that India has got an “unbelievable education system, unbelievable infrastructure.”
“They are lifting up the whole country because this one man is just and he is tough. I think you have to be tough to break that,” he added.
Dimon also highlighted that PM Modi is very “tough” as he broke outdated bureaucratic systems in India.
“They have 29 states or something like that… and the tax system is complicated… it’s like Europe. It leads to enormous corruption. He is breaking it down… And so yeah there are these people who have turned things around,” he said.
“And we need a little bit more of that here,” Dimon said suggesting that a similar approach is required in the US.
JPMorgan CEO praises Aadhaar
India has put “this unbelievable trend,” Dimon said, adding that every citizen in the country “by hand or eyeball or by finger is recognised.”
“They (India) have bank account for 700 million people. Their transferred payments are going through,” he added.
What JPMorgan CEO say about the US?
Talking about the US, Dimon cautioned about national debt, inflation, and geopolitical tensions affecting its economy. He called for a bigger, better and easier relationship between lenders and regulators.
Dimon further cautioned that inflation, and subsequently higher interest rates, might persist longer than anticipated.
“I would like to see practitioners go back to the government,” he said.
On his name being floated for senior economic roles in the US government, Dimon said, “I want to help my country.”
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