Prime Minister Narendra Modi has done an 'unbelievable job' in uplifting India, said JPMorgan Chase & Co. chief executive Jamie Dimon during a event on Tuesday. Speaking during a webinar organised by The Economic Club of New York, he praised the reforms put into effect by the current government in the recent past.
A lot of US government officials in India are "fantasizing... how we think they should be running their country", Dimon said.
"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 said
The country has an "unbelievable education system" and "unbelievable infrastructure", said Dimon.
Referring to the Goods and Services Tax without naming it, Dimon said the the indirect tax regime has removed corruption emanating from the disparity in tax systems followed by different states.
The JPMorgan CEO called Modi "tough" for breaking old bureaucratic systems. "And we need a little bit more of that here."
Dimon spoke on a various issues in the event held in New York and sounded a soft warning to the city, “Obviously the financial center of the world,” but needs to stay competitive to keep that title."
Dimon also touched on the health of the US economy, saying he's on the “cautious side” when it comes to whether there will be a soft landing, but that even if there is a recession, US consumers are “in good shape.”
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