‘Modi has done an unbelievable job’: JPMorgan CEO Dimon heaps praise on Indian PM

The head of US-based banking firm JPMorgan Chase Jamie Dimon has heaped praise on Indian Prime Minister Narendra Modi, noting the government’s feat of pulling a large chunk of the population out of poverty.

“Modi has done an unbelievable job in India. I know the liberal press here, they beat the hell out of him. He’s taken 400mn people out of poverty,” Dimon said at the JPMorgan Chase CEO was speaking at a luncheon organised by the Economic Club of New York.

Dimon highlighted PM Modi’s efforts in poverty alleviation, infrastructure development, and bureaucratic reforms, emphasizing the remarkable progress India has made under his leadership.

Dimon expressed astonishment at the fact that certain foreign governments frequently criticize PM Modi on topics such as climate change and labor rights, despite the existence of millions in India lacking access to fundamental necessities like toilets.

“It’s as if we’re preaching about climate, labour, and how we believe their country should be run. He has 400 million people without toilets, yet we’re telling him how to do things,” Dimon said.

“They’ve started this amazing trend where every citizen is recognized by hand, eyeball, or finger. They’ve opened bank accounts for 700 million people, and payments are being processed smoothly. Their education system and infrastructure are remarkable, lifting the entire country because of one just and tough man. But to break down bureaucracy, you have to be tough, and he’s doing just that.”

“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. And so, there are examples of people who have just turned these things around. And we need a little bit more of that here,” Dimon said.

PM Modi was voted to power at the Centre for the first time in 2014 and later on in 2019. His party Bharatiya Janata Party (BJP) and the coalition National Democratic Alliance (NDA) have been in power in India for a decade now.

The country is currently in the midst of voting and the party is looking to come back to power for the third straight term. Results of the elections will be declared on June 4 and the party has set its eyes on bagging at least 400 seats in the 543-seat strong Lok Sabha.

His regime has been widely credited for its handling of the Indian economy, with the country emerging as the fastest growing major economy in recent years and poised for further growth in the coming decades.

“The NDA won 352 seats last time and to cross 400 they need 48 seats more,” news agency Bloomberg quoted Pradeep Gupta, chairman of polling company Axis My India, as saying. “Much depends how BJP and NDA performs in states like Tamil Nadu, Kerala, Andhra Pradesh in southern India.”

If voted to power, Modi has promised that his government will formulate policies that will help India become the world’s third largest economy by 2030, two places above where it stands currently.