News Brief
'Modi Has Done Unbelievable Job In India': JPMorgan Chase CEO Calls Out US 'Liberal' Media Over Anti-Modi Bias
JPMorgan Chase CEO Jamie Dimon
Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co, lauded the efforts of Indian Prime Minister Narendra Modi for transforming India’s socio-economic landscape.
During an event organised by the Economic Club of New York, Dimon highlighted PM Modi's substantial impact in reducing poverty, criticising the American liberal media for their unfavorable portrayal of Modi’s administration.
"Modi has done an unbelievable job in India," Dimon said, noting the Prime Minister's success in elevating nearly 400 million Indians out of poverty.
He expressed frustration with the US media, stating, “the liberal press in the US beats the hell out of him (Modi), when he has taken 400 million people out of poverty.”
The CEO of US' largest bank also drew attention to the inconsistency in how Western countries approach foreign relations and economic discussions with India, especially in contexts where significant portions of the population still lack basic amenities.
"We go and lecture Modi when they want to trade with us… he has 400 million people without toilets. We are lecturing them how to do things,” he remarked.
During his talk, Dimon praised the Modi government's initiatives in reforming the country’s infrastructure and educational systems, describing them as "unbelievable."
He emphasised the importance of Modi's 'tough' approach to untangling India's historically entrenched bureaucratic system.
“They [India] have got an unbelievable education system. Unbelievable infrastructure. They are lifting their whole country because this one man [Modi] is tough,” he added.
Dimon also commented on India's complicated tax system, likened to that of Europe, which he said leads to "enormous corruption."
He appreciated Modi's efforts in breaking down these barriers, suggesting that such bold reforms were commendable and somewhat necessary in the US as well.
"And so yeah, there are these people who have turned things around. And we need a little bit of that here as well," he added.
Highlighting the advancements in financial inclusion under Modi’s leadership, Dimon noted the significant increase in banked individuals.
"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,” he explained, indicating the efficiency and scale of India's recent financial reforms.
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