JP Morgan Chase CEO Jamie Dimon praised Prime Minister Narendra Modi on April 23, 2024, while speaking at an event hosted by the Economic Club of New York. File
| Photo Credit: Reuters

Prime Minister Narendra Modi is doing an “unbelievable job” in India by pursuing reforms and taking 400 million people out of poverty through inclusive financial programmes, JP Morgan Chase CEO Jamie Dimon has said.

Mr. Dimon made these remarks on April 23 while speaking at an event hosted by the Economic Club of New York.

He praised Prime Minister Modi for the performance of his government.

“Modi has done an unbelievable job in India… He’s taken 400 million people out of poverty,” Mr. Dimon said.

“They’ve got an unbelievable education system, unbelievable infrastructure, they’re lifting up that whole country, because this one man is just as tough. Nobody. I think you have to be tough to break that down, you know, and he’s breaking down some of the bureaucracy…,” he said.

He also praised reforms undertaken by Mr. Modi in the recent past.

“They have put in this unbelievable trend that every citizen by hand or eyeball or by finger is recognised. They opened bank accounts for 700 million people. Their transferred payments are going through.” He also called Mr. Modi “tough” for breaking old bureaucratic systems and said, “We need a little bit more of that here (in the U.S.)”.

Mr. Dimon, 68, 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 think you have to be tough to break that down, you know, and he’s breaking down some of the bureaucracy… But they all had completely different it’s almost like Europe, they’re completely different tax systems, which leads to enormous corruption. He’s breaking all that stuff down. And so yeah, they’re examples of people who have just turned these things around,” Mr. Dimon, who has run the largest U.S. lender for more than 18 years, said.

New Delhi:

JP Morgan Chase chief executive officer (CEO) has praised Prime Minister Narendra Modi for doing an “unbelievable job”. 

Speaking at an event hosted by the Economic Club of New York on Tuesday, Jamie Dimon praised the economic reforms implemented by the Narendra Modi government and said some of them could be introduced in the US as well.

“PM Modi has done an unbelievable job in India. I know the liberal Press here, they beat the hell out of him when he’s taken 400 million people out of poverty,” Dimon said.

A lot of US government officials in India are “fantasizing… how we think they should be running their country”, Dimon said.

The video of the event was shared on X – earlier known as Twitter – by Union Minister Piyush Goyal.

Modi has done an unbelievable job in India: Jamie Dimon, CEO of JPMorgan Chase & Co. pic.twitter.com/hGFsDL7m0C

— Piyush Goyal (मोदी का परिवार) (@PiyushGoyal) April 24, 2024

The leading banker referred to PM Modi as a “tough” administrator for breaking outdated bureaucratic systems in the country. “We need a little bit more of that here (in the US),” he said.

The global banking giant’s CEO also said that the country has an “unbelievable education system” and “unbelievable infrastructure”

Dimon also praised the country’s indirect tax regime which he said has removed corruption by eliminating the disparity in tax systems in different states.

 “They have I think its 29 states or something like that, but they all had completely- its almost like Europe that have completely different tax systems, which leads to enormous corruption. He’s breaking all that stuff down,” he said.

“Every citizen by hand or eyeball or by finger is recognised. They have bank accounts for 700 million people. Their transferred payments are going through,” he said.