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Friday, May 17, 2024

Don’t ‘lecture’ Indians on how to run their country – JPMorgan Chase CEO

Billionaire Jamie Dimon has praised the policies of Indian Prime Minister Narendra Modi

Indian Prime Minister Narendra Modi has done an “unbelievable job” running the country, Jamie Dimon, Chairman and CEO of JPMorgan Chase asserted. The billionaire, who was speaking at an event in New York, underlined that Modi’s policies have lifted 400 million people out of poverty.

Between 2005 and 2021 around 415 million Indians stopped being poor, according to the 2023 Global Multidimensional Poverty Index (MPI). Modi’s government have been in power since 2014.

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“I know the liberal press here beat the hell out of him [Modi],” Dimon observed. He noted that while India wants to trade with the US, the latter can’t stop lecturing them, “fantasising about climate, labour, and how we think they should be running their country.”

“He [Modi] has 400 million people without toilets… and we’re lecturing him how to do things?” he asked incredulously.

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The billionaire CEO also mentioned a few noteworthy policies of the Indian government, such as the implementation of the ‘Aadhaar’ identification system, and the opening of bank accounts for 700 million people. Dimon described the improvement of the country’s education system and infrastructure as “unbelievable.”

Dimon called Modi “tough”, adding that the Indian leader, through his policies, is “breaking down” systematic problems in India such as corruption. “We need a little bit more of that here (in the US),” he asserted.

The banker’s comments come against the backdrop of the ongoing general elections in India, in which Modi is eyeing a third term. Meanwhile, the Indian economy is growing rapidly, and expected to become the third largest by the end of this decade – behind only the US and China.

Earlier this month, a Bloomberg Economics analysis said that India could claim the title of number one contributor to global growth in purchasing power parity (PPP) terms by 2028.

In Bloomberg Economics’ base case scenario, Indian growth could accelerate to 9% by the end of the decade from an estimated 7.6% during the fiscal year that ended on March 31. Owing to continued growth, New Delhi has raised its gross domestic product (GDP) growth outlook for fiscal year 2023-24 from 7.3% to 7.6%.