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April 24, 2024

JPMorgan CEO Jamie Dimon Hails Modi Government’s Poverty Alleviation Efforts and Digital Initiatives

In a recent webinar hosted by The Economic Club of New York, JPMorgan Chase’s chief executive, Jamie Dimon, showered praise on Prime Minister Narendra Modi’s government for its efforts in poverty alleviation and implementation of key reforms in India. Dimon’s remarks come amidst ongoing Indian elections, where Modi seeks a third consecutive term.

Dimon lauded Modi’s governance, specifically commending the Aadhaar program and initiatives aimed at lifting millions out of poverty. He criticized what he referred to as the “liberal press” for their criticism of Modi, stating, “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him.” Dimon emphasized the staggering achievement of lifting 400 million people out of poverty under Modi’s leadership.

The JPMorgan CEO also applauded India’s digital programs such as Aadhaar and the provision of bank accounts for 700 million citizens, promoting financial inclusion on an unprecedented scale. He highlighted the efficiency of India’s digital identification system, stating, “Every citizen, by hand or eyeball or by finger, is recognized. They have bank accounts for 700 million people. Their transferred payments are going through.”

Dimon went further to praise India’s education system and infrastructure, indirectly crediting the impact of the Goods and Services Tax (GST) in reducing corruption stemming from varying state tax systems. He described Modi as “tough” for challenging India’s bureaucratic systems and suggested a need for similar leadership elsewhere.

Apart from discussing India, Dimon delved into various topics during the New York event, including the competitive landscape of global financial centers.

Dimon’s remarks coincide with the ongoing Indian elections, where Modi’s Bharatiya Janata Party (BJP) aims to secure a significant victory. With the first phase of elections concluded on April 19, the second phase is scheduled in a couple of days. Election results are anticipated on June 4, and Modi’s BJP has set its sights on securing at least 400 seats in the 543-seat strong Lok Sabha.

Jamie Dimon’s praise adds another dimension to the global perspective on Modi’s governance, highlighting recognition from influential figures

like a CEO of a major international bank. His acknowledgment of India’s progress in poverty alleviation, digital initiatives, and economic reforms adds weight to Modi’s leadership narrative, especially amid the backdrop of a fiercely contested election. With Modi’s continued focus on development and reform, his government’s efforts are gaining recognition on the global stage, bolstering India’s position as a key player in the international community.

Jhumpa Lahiri

Jhumpa Lahiri

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