Home Economics JPMorgan CEO Dimon praises Indian PM Modi’s remarkable achievements.

JPMorgan CEO Dimon praises Indian PM Modi’s remarkable achievements.

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JPMorgan Chase’s Jamie Dimon applauds Indian PM Narendra Modi for uplifting millions from poverty. Modi’s decade-long tenure with the BJP/NDA coalition witnesses India’s economic growth. Amid ongoing elections, Modi seeks a third term, targeting 400 seats. His vision to elevate India to the world’s third-largest economy by 2030 is emphasized.

JPMorgan Chase’s CEO Jamie Dimon commends Indian PM Narendra Modi for lifting a significant portion of the population out of poverty. “Modi has achieved remarkable success in India. Despite criticism from the liberal press, he has uplifted 400 million people out of poverty,” Dimon remarked during a luncheon hosted by the Economic Club of New York.

JPMorgan
Source: The Economic Times

Dimon underscored PM Modi’s initiatives in poverty reduction, infrastructure enhancement, and bureaucratic reforms, stressing the remarkable strides India has taken during his tenure.

Jamie Dimon’s Perspective on PM Modi’s Governance:

Dimon expressed surprise that some foreign governments often criticize PM Modi on issues such as climate change and labor rights, overlooking the millions in India who lack access to basic necessities like toilets.

“It’s like we’re dictating climate, labor, and governance standards to them. With 400 million people lacking toilets, we’re instructing him on governance,” Dimon remarked.

“They’ve initiated a remarkable trend, identifying citizens through hand, eyeball, or finger recognition. With 700 million bank accounts opened, payments flow seamlessly. Their education and infrastructure systems excel, elevating the nation under one resolute leader. Tackling bureaucracy demands toughness, and he’s doing precisely that,” expressed Dimon.

“They have, I believe, 29 states or so, each with vastly different tax systems, akin to Europe, fostering widespread corruption. He’s dismantling these structures. Some have already transformed their circumstances. We could benefit from similar efforts here,” remarked Dimon.

“They’ve initiated a remarkable trend with biometric citizen identification, opening 700 million bank accounts, ensuring seamless payments. Their outstanding education and infrastructure uplift the nation under one resolute leader. Tackling bureaucracy requires toughness, and he excels at it,” stated Dimon.

Dimon’s Observations on Governance and Transformative Trends:

“They have around 29 states, each with vastly different tax systems, akin to Europe, fostering extensive corruption. He’s dismantling these structures, with examples of transformative change. We could use more of that here,” remarked Dimon.

“They’ve initiated a remarkable trend: biometric recognition for all citizens, 700 million bank accounts opened, ensuring smooth payments. Their exceptional education system and infrastructure, buoying the nation under a just and resolute leader. Breaking bureaucracy demands toughness, and he excels at it.”

“They have, I believe, around 29 states, each with vastly different tax systems, akin to Europe, fostering extensive corruption. He’s dismantling these structures, with examples of transformative change. We could use a bit more of that here,” Dimon remarked.

PM Modi assumed office at the Centre in 2014 and was re-elected in 2019. The Bharatiya Janata Party (BJP) and the coalition National Democratic Alliance (NDA) have governed India for a decade.

The nation is presently in the throes of voting, with the party aiming for a third consecutive term in power. Election results are slated for June 4, with aspirations to secure a minimum of 400 seats in the 543-seat Lok Sabha.

His administration is widely acknowledged for its management of the Indian economy, leading to the nation’s emergence as the fastest-growing major economy in recent years and poised for continued growth in the foreseeable future.

“Last time, the NDA secured 352 seats, and they require an additional 48 seats to surpass 400,” stated Pradeep Gupta, chairman of polling firm Axis My India, as cited by Bloomberg. “The performance of the BJP and NDA in states such as Tamil Nadu, Kerala, and Andhra Pradesh in southern India will be crucial.”

If elected, Modi has pledged that his administration will develop strategies to propel India to the world’s third-largest economy by 2030, advancing two positions from its current ranking.

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