Five things JPMorgan chief Dimon said about India

Jamie Dimon, chairman and chief executive officer (CEO) of JPMorgan Chase, is in India on his first visit after the Covid-19 pandemic. In interactions with various media houses, Dimon talked about his optimism about India and its being a natural ally of the USA.

Dimon, the go-to banker for even the US Federal Reserve, also lauded India’s Aadhaar system and GST reforms.

Five things Jamie Dimon said about India

Natural ally of the USA

Between Russia, China, and the USA, America is India’s best friend

Talking to CNBC-TV18, Dimon said, “Between Russia and China, you have to be kind of non-aligned, but we are your best friend. I mean, anyone who doesn’t think that through hasn’t thought really carefully.”

Freedom of people and entrepreneurs extraordinary

Dimon also lauded the freedom of people and businessmen in India. He told ET, “It’s a democracy. I think the power of freedom of people and entrepreneurs is extraordinary. You see it in your technology here.”

‘Brilliant’ Aadhaar

Dimon talked about the economic reforms undertaken by the Centre in recent years. “For manufacturing, possibly for services, anything trade-related, it’s a huge opportunity. But India has also been making its own progress away from that in terms of when they got Aadhaar in place. I think that’s brilliant. And then I remember years ago, the GST reforms to eliminate bureaucracy and your infrastructure spending,” he said.

India’a inclusion in bond index a sign of maturity

India was recently included in JPMorgan’s bond index. Dimon said that the inclusion may not have a huge material effect, but it is a sign of maturity. “It’s great for the country. While I don’t think it’s a huge material effect, it’s a sign of maturity. It’s the country, it’s the ratings, it’s the transparency, it’s the government finances, all those various things. But in general, it is a very good thing,” he told ET.

What else did Dimon say?

On the world economy, Dimon said that the global economy is seeing several issues, including huge fiscal deficits and high debt. He added that the world may see a slowdown before recovering in the coming months.

Moreover, on China’s property crisis, Dimon said that the country operates differently from the USA or India and will get through the crisis. “They can just fund their banks and fund their companies and they’ll probably do more of that,” he said.