JPMorgan CEO Applauds “Tough” PM Modi For “Exceptional Work” In India (image/jpmorgan.com)The chief executive of JPMorgan Chase, Jamie Dimon, lauded Prime Minister Narendra Modi’s leadership during a webinar hosted by the The Economic Club of New York. Dimon’s remarks included praise for PM Modi’s efforts in alleviating poverty, implementing digital initiatives, and economic reforms, while also criticising what he termed undue scrutiny from the “liberal press.”
In his statement, Dimon commended Modi’s government for its efforts to lift 400 million people out of poverty and implement significant reforms. He expressed admiration for India’s digital programmes, such as Aadhar and financial inclusion, stating that over 700 million people now have bank accounts and streamlining payment transfers.
Dimon also shared his admiration for the country’s changed indirect tax system, which he attributes to having reduced corruption by standardising tax procedures across states. He added that the United States required a similar system.
Furthermore, Dimon highlighted India’s “unbelievable education system” and “unbelievable infrastructure” as remarkable achievements, underscoring the positive impact of initiatives like the Goods and Services Tax (GST) in combating corruption stemming from disparate state tax systems.
Describing PM Modi as “tough” for breaking traditional bureaucratic systems, Dimon’s praised his leadership style and advocated for similar qualities elsewhere. “And we need a little bit more of that here,” he said.
“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,” stated the head of the US-based banking firm.
The JPMorgan Chase CEO also took aim at certain US officials for allegedly imposing their views on India’s governance, characterising their actions as “fantasising” about how the country should be managed.