‘When we go and lecture Modi…’: JPMorgan CEO Jamie Dimon says PM doing ‘unbelievable job’

JPMorgan Chase & Co. chief executive Jamie Dimon said Prime Minister Narendra Modi was doing ‘unbelievable job’ in India, adding that a lot of US government officials are “fantasizing… how we think they should be running their country” when he has “400 million people without toilets”.

Dimon was speaking at an event by the Economic Club of New York, where he praised the reforms undertaken by the Modi regime in the recent past. 

“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,” he said.

He said the country had an “unbelievable education system” and “unbelievable infrastructure”.  

Dimon, who has run the largest US lender for more than 18 years, called Modi “tough” for breaking old bureaucratic systems. “And we need a little bit more of that here.”

The 68-year-old also had words of praise for the country’s indirect tax regime, which he said removed corruption emanating from the disparity in tax systems followed by different states. 

“I know the liberal press here, they beat the hell out of him. He’s taken 400 million people out of poverty.”

On the US, Dimon cautioned on national debt, inflation and geopolitical conflicts that could impact the economy. He added that inflation, and along with it higher interest rates, could last longer than expected. During the talk, Dimon 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 U.S. military power, political polarization and the nation’s economic performance compared to other countries, the report said. “I would like to see practitioners go back to the government,” Dimon said.

Dimon’s name, according to Reuters, has been floated for senior economic roles in the government and that he said during the interaction, “I want to help my country.”