Jamie Dimon, chairman & CEO of JPMorgan Chase, spoke to CNBC-TV18 about the simmering global trade war and his outlook on Indian economy.
“You are growing at 8 percent, the government has made tremendous progress, I give full credit to your Prime Minister, with the goods and services tax (GST), infrastructure, benefits transferred, all of the things making the economy grow better and of course you have a very vibrant entrepreneurial sector, corporate sector service. So we are quite optimistic at the long-term growth of India and pay a lot less attention to what happened to rupee today,” Dimon said on the sidelines of the JPMorgan India Investor Summit.
“America is growing stronger, the Dow is growing stronger, that is actually good for the world,” he added.
“If the growth is good and the Fed is normalising rates and raising rates, that is a good thing,” said Dimon.
While talking about the growing worries between US-China trade war, Dimon said, “It is not a trade war, I call it a trade skirmish. The American government and our President is right to raise the issues about particularly China. It is a USD 20 trillion economy, so the actual effect is not dramatic. There is an effect in the psyche, the mind if the trade skirmish becomes a trade war. Right now, it is a tit for tat and hopefully we will get to resolution. I don’t expect a trade war, I also don’t expect any progress before elections. So I think we will have to wait after November to see if we make any progress."