homeworld NewsIndia and America are best friends in changing times, says JPMorgan Chase CEO Jamie Dimon
India and America are best friends in changing times, says JPMorgan Chase CEO Jamie Dimon
As global geopolitics continue to shift, it appears that India and the United States are positioning themselves as steadfast allies, ready to navigate the changing landscape together.
India and the United States are solidifying their partnership as global dynamics undergo significant changes, according to Jamie Dimon, Chairman & CEO of JPMorgan Chase. Speaking to CNBC-TV18 right after his first visit to India since the pandemic, Dimon highlighted the growing optimism surrounding India's economic potential and commended Prime Minister Narendra Modi's initiatives aimed at simplifying the country's economic landscape.
Dimon pointed out that India and the United States are emerging as natural partners amidst the global changes. He noted that the two countries share a unique bond and should seize the opportunity to strengthen their economic ties further.
"India and America are natural partners. Between Russia and China, you have to be kind of non-aligned, but we are your best friend. I mean, anyone who doesn't think that through hasn't thought really carefully."
He encouraged political leaders to engage in constructive discussions to adapt to the evolving global landscape and create mutually beneficial trade and investment relationships.
"I'm hoping that political leaders sit down, have these conversations and make these changes in a way that's not completely disruptive, but is dwarfed by the risk of war and nuclear proliferation, things like that. So I think we have to be very cautious about it. But it's an opportunity for India, and hopefully, you're going to seize it."
Dimon noted that India's efforts to streamline processes, such as the Aadhaar system for financial inclusion, tax simplification, and the promotion of foreign direct investment, have contributed to the optimism among investors.
"Prime Minister Modi has been doing a very good job and things like Aadhaar, to get a bank account for several thousand people, simplifying taxes, trying to open up more for foreign direct investment to National Infrastructure Program. The universe is here, we're not the only bank here, there are large other banks with a lot of people, but so is Accenture, McKinsey and obviously you have your local Tata, etc, so those things are driving optimism. And it's not just because of the complications with China, I think that's an opportunity but some of this optimism would have been there anyway."
He also emphasised the significance of India's inclusion in the bond index, which is expected to attract billions of dollars in foreign investment over the coming year.
For full interview, watch accompanying video
First Published: Sept 25, 2023 10:18 PM IST
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