PM Modi has lifted 400 million people out of poverty: JP Morgan CEO

FILE: Prime Minister Narendra Modi addresses a joint press statement with US President Joe Biden in Washington, DC in June 2023. (ANI Photo)


Prime Minister Narendra Modi has taken 400 million people out of poverty and is doing an “unbelievable job” in India, Global banking giant JP Morgan Chase chief executive officer (CEO) Jamie Dimon said. Speaking at an event hosted by the Economic Club of New York on Tuesday, Dimon lauded the economic reforms implemented by the Modi government and said some of them could be introduced in the US as well.

“Modi has done an unbelievable job in India. I know the liberal Press here, they beat the hell out of him when he’s taken 400 million people out of poverty,” Dimon remarked.

He complimented PM Modi for his resilience in challenging outdated bureaucratic systems, calling him “tough”.

The leading banker referred to PM Modi as a “tough” administrator for breaking outdated bureaucratic systems in India and said, “We need a little bit more of that here (in the US).” The 68-year-old banker also lauded India’s GST regime, which he said has removed corruption emanating from the disparity in tax systems followed by different states.

Dimon highlighted India’s advancements in technology and finance, noting the widespread adoption of digital identification and banking services, with over 700 million citizens having bank accounts. “Every citizen by hand or eyeball or by finger is recognised. They’ve bank accounts for 700 million people. Their transferred payments are going through,” he pointed out. The banker also praised India’s education system and infrastructure, describing them as “unbelievable.”

The video of Dimon’s comments on India were posted by Union Minister Piyush Goyal on social media platform X. Dimon criticized what he referred to as the “liberal press” in India for often criticizing Modi, despite his significant achievements.

The CEO also highlighted PM Modi’s initiatives such as the Swachh Bharat Abhiyan, which aims to provide sanitation facilities to every household in India. Dimon expressed disbelief at how some foreign governments, often lecture PM Modi on issues like climate change and labor rights when there are still millions in India without access to basic amenities like toilets.

Dimon said, “It’s as if we’re preaching about climate, labour, and how we believe their country should be run. He has 400 million people without toilets, yet we’re telling him how to do things.”

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