JPMorgan Chase & Co. CEO Jamie Dimon praised Indian Prime Minister Narendra Modi for his remarkable leadership and reforms during a webinar hosted by The Economic Club of New York on Tuesday.
What Happened: Dimon highlighted Modi’s significant strides in modernizing India’s systems and infrastructure, pointing out that every citizen now has a unique identity through biometrics and 700 million people have bank accounts which streamline payment transfers.
Dimon commended India’s education system and infrastructure as “unbelievable,” and lauded the implementation of the Goods and Services Tax (GST), which has standardized the tax regime across states, reducing corruption. He described Modi as “tough” for his efforts to dismantle longstanding bureaucratic hurdles.
In his speech, which covered a range of topics at the event in New York, Dimon also issued a gentle caution about New York City’s status as the global financial centre, stressing the need for the city to maintain its competitive edge.
Additionally, Dimon discussed the U.S. economy’s prospects, expressing a cautious outlook on achieving a soft landing amidst potential recession concerns.
However, he reassured that U.S. consumers are “in good shape,” indicating a robust underlying consumer financial health. This discussion not only highlighted key global economic issues but also emphasized the importance of adaptive leadership and policy in fostering national progress.
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