JP Morgan's Jamie Dimon Applauds PM Modi's Efforts To Strengthen Economy, Sees Big Potential In India

Jamie Dimon, the CEO of JPMorgan Chase & Co, has expressed admiration for the strengthening economic partnership between India and the US.

What Happened: Dimon said in an interview with CNBC-TV18 that India and the United States were “natural allies” amid a changing global climate. His remarks came following his first visit to India since the onset of the pandemic.

The JPMorgan Chase chief praised Prime Minister Narendra Modi’s measures aimed at simplifying the Indian economy and underscored India’s economic potential. He urged political leaders to promote productive discussions to adapt to the shifting global economic landscape and establish mutually beneficial relationships.

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“India and America are natural partners. I mean, anyone who doesn’t think that through hasn’t thought really carefully,” said Dimon.

Dimon also emphasized India’s recent addition to JP Morgan’s bond index, predicting it will attract billions in foreign investment in the coming year. He acknowledged India’s efforts to streamline operations like the Aadhaar system for financial inclusion, tax simplification and promoting foreign direct investment.

Why It Matters: The strengthening relationship between India and the US has been seen as a counter to China’s growing dominance in the region. With continued efforts to simplify processes and attract foreign investment, India is becoming increasingly appealing to global economic powerhouses.

Dimon’s endorsement of this partnership not only brings to light the increased cooperation likely to develop between the two nations but also underscores the significant role people expect India to play in global economics moving forward.

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Posted In: Macro Economic EventsOpinionEconomicsJamie DimonJP Morgan Chase