'Modi has done an unbelievable job in India': JPMorgan CEO praises PM, says US needs leader like him (WATCH)

Jamie Dimon, CEO of JPMorgan Chase & Co., commended Prime Minister Narendra Modi for his remarkable leadership in India, stating that the PM is effectively addressing challenges head-on.

Sunita Iyer

First Published Apr 24, 2024, 12:38 PM IST | Last Updated Apr 24, 2024, 12:38 PM IST

Jamie Dimon, CEO of JPMorgan Chase & Co., commended Prime Minister Narendra Modi for his remarkable leadership in India, stating that the PM is effectively addressing challenges head-on. Dimon highlighted PM Modi's commitment to reform during an event hosted by the Economic Club of New York, emphasizing the positive impact of recent initiatives undertaken by the Indian government. He also criticized the tendency of some US officials to impose their views on other countries, contrasting it with Modi's proactive approach to governance.

"Modi has done an unbelievable job in India. I know the liberal press here they beat the hell out of him. He's taken 400 million people out of poverty. When we go lecture Modi about, you know, they want trade with us, but we lecture... I go to these countries soon after a lot our government officials there. It's like we're talking, we're fantasizing about climate, labor and how we think they should be running their country. He has 400 million people without toilets. Really? And we're lecturing him how to do things. They've put in this unbelievable, every citizen by hand or by eyeball or by finger is recognized. They opened bank accounts for 700 million people. The transferred payments are going through. They've got an unbelievable education system. Unbelievable infrastructure. They're lifting up that whole country because this one man is just - he's tough," said Dimon.

Praising PM Modi, the JPMorgan CEO further said, "You have to be tough to break down. He's breaking down some of the bureaucracy. They have I think 29 states or something like that, but they all had completely - it's almost like Europe - they have completely different tax systems, which leads to enormous corruption. He's breaking all that stuff down."

"So yeah, there are examples of people who have just turned these things around and we need a little bit more of that here," Dimon added.\

Jamie Dimon also cautioned about the potential impact of national debt, inflation, and geopolitical conflicts on the US economy. He advocated for a more cooperative and streamlined relationship between lenders and regulators to navigate these challenges effectively.

“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, he said, “I want to help my country.”

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