Jamie Dimon, the CEO of JPMorgan, was quite optimistic about India’s economic prospects at the recent JPMorgan Investor Conference in Mumbai. He said the country is expected to reach its $7 trillion economy target by 2030, led by strong business growth. “India’s economic prospects are bright, particularly since we’ve grown with these high-growth industries,” he said.
Dimon commended India’s initiatives to improve infrastructure, financialise savings, and reform the Goods and Services Tax (GST). He emphasised these as crucial actions to take to foster an atmosphere that is more welcoming to foreign investment, which he thinks would further spur growth.
Regarding the impending US presidential election, Dimon clearly did not support Donald Trump or Kamala Harris. He stated, “I’m focused on policy, not candidates,” highlighting the significance of measures like legislation to enhance employment opportunities for recent graduates and a negative income tax.
Dimon stressed the need for a strong economic partnership on US-India relations and warned of the risks of over-reliance on China. “When everything flows in one direction with China, it raises questions about future dependence on them as a potential adversary,” he noted. However, he carefully clarified that China is not yet an adversary.
Dimon also talked about JPMorgan’s approach to keeping a varied supply chain so that no one supplier has a monopoly. In his conclusion, he emphasised the necessity of measures that serve as a solid basis for economic growth.
