New Delhi: JP Morgan Chase & Co. CEO Jamie Dimon has lauded Prime Minister Narendra Modi’s efforts in developing India, saying that the US needed more “tough” leaders like Modi. He said that under Modi’s leadership, India saw rapid development and fast eradication of corruption due to his ‘proactive approach.’
Speaking at an event organised by the Economic Club of New York Tuesday, Dimon emphasised Modi’s accomplishments, which include the implementation of the Aadhaar recognition system, the broad availability of banking services, and the ‘noteworthy’ measures aimed at reducing poverty.
“Modi has done an unbelievable job in India. I know the liberal press here beats the hell out of him. He has taken 400 million people out of poverty,” the JP Morgan CEO added.
While drawing comparisons between the US and India, Dimon further highlighted the Modi government’s efforts to introduce a centralised taxation system in the country, as opposed to the previous state-wise tax divisions, which he said, led to rampant corruption.
The banker also called Modi a “tough man” for his successful efforts at managing the bureaucracy in the country.
“We fantasise about climate, labour and think how these people should run the country. He has 400 million people without toilets,” Dimon said, addressing the foreign criticisms of the Modi government.
Dimon, during his interaction, made references to the Aadhaar Recognition system and digital payments systems, i.e. the Unified Payments Interface (UPI), praising its brilliance.
“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.
Dimon also praised India’s education system and infrastructure, highlighting Modi’s proactive efforts in knocking down bureaucratic barriers. India has an “unbelievable education system” and “unbelievable infrastructure”, he said.
He emphasised the need for improved lender-regulator relations in the US and expressed his willingness to contribute to the country’s economic well-being.
Dimon’s comments on India’s progress and Modi’s governance come at a time when the nation is going to polls in phases to elect its central leadership for the next five years. Earlier this month, the International Monetary Fund (IMF) had projected India to remain the world’s fastest growing major economy in 2024 with a growth rate of 6.8.
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