IJPMorgan Chase CEO Jamie Dimon has praised Prime Minister Narendra Modi for the performance of his government, saying he is doing an “unbelievable job” that has given India an “unbelievable education system and infrastructure”. He also said a “little of that” is needed in the US.
While speaking at an event by the Economic Club of New York on Tuesday, Jamie Dimon said, “Modi has done an unbelievable job in India… He has taken 400 million people out of poverty. We go lecture Modi about… he has 400 million people without toilets. We are lecturing them how to do things.”
He also said In India, 700 million people have opened bank accounts. The transferred payments are going through. “They (India) have got an unbelievable education system. Unbelievable infrastructure. They are lifting their whole country because this one man (PM Modi) is tough.”
He also also called Modi “tough” for breaking old bureaucratic systems and said “we need a little bit more of that here (in US)”.
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“Every citizen by hand or eyeball or by finger is recognised. They’ve bank account for 700 million people. Their transferred payments are going through,” Dimon, who has been heading the largest US lender for over 18 years, said.
On the US, Dimon cautioned on national debt, inflation and geopolitical conflicts that could impact the economy. He said inflation, and along with it higher interest rates, could last longer than expected.
He also called for a more harmonious relationship between lenders and regulators and that there’s a need for more inclusive economic growth.
Dimon also addressed policy issues like US military power, political polarization and the nation’s economic performance compared to other countries. “I would like to see practitioners go back to the government,” Dimon said.
