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JPMorgan CEO praises PM Modi for doing 'unbelievable' job in India
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JPMorgan CEO praises PM Modi for doing 'unbelievable' job in India

| @indiablooms | 24 Apr 2024, 10:08 pm

New York/IBNS: JPMorgan Chase & Co.'s CEO, Jamie Dimon, has commended Prime Minister Narendra Modi for his an "unbelievable" job in India, noting that despite criticism from the liberal media in the US, Modi has successfully lifted 400 million people out of poverty.

Speaking at an event hosted by the Economic Club of New York, Dimon also lauded the Modi government's numerous reform initiatives and praised India's impressive infrastructure and educational system.

"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.

He further praised Modi's resilience and his efforts to streamline India's bureaucratic processes, emphasising that the US could benefit from similar decisive leadership.

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.

The top banker called PM Modi as a “tough” administrator who is breaking outdated bureaucratic systems in the country. "We need a little bit more of that here (in the US)," he said.

“They (India) have got an unbelievable education system. Unbelievable infrastructure. They are lifting their whole country because this one man (PM Modi) is tough.”

He also said that India has an "unbelievable education system" and "unbelievable infrastructure"

"They have 29 states or something like that... and the tax system is complicated.. it's like Europe. It leads to enormous corruption. He is breaking it down.. And so yeah there are these people who have turned things around.. And we need a little bit of that here as well"

The banker also highlighted that 700 million people have opened bank accounts in the country, and the process of transferring payments is functioning smoothly.

“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,” Dimon said.

Meanwhile, the CEO expressed confidence in the performance of the US economy, citing strong employment numbers and healthy consumer finances.

At the event, he described the US economic boom as 'unbelievable' and underscored that even if the country were to enter a recession, "the consumer's still in good shape".

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