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world | IST

Long-term policies will ensure India's success: Jamie Dimon

Mini

Jamie Dimon believes that India will be one of the fastest growing nations in the planet for the next decade if it focuses on implementation and execution of long-term policies.

One of the world's most powerful banker believes "healthy global growth is more important than anything else". Jamie Dimon, the chairman of JPMorgan, spoke to Shereen Bhan ahead of the Fed meeting and played down fears over inflation.
Dimon said, "Despite the Delta variant you have had pretty good global growth. Look at the underlying - the consumer is in great shape, job availability, wages and companies are in great shape, America is growing, Europe is 5-6 months behind us and a lot of other countries around the world also are going to have a recovery. So I am still quite optimistic."
"The Fed has to be data dependent. They are not going to decide definitively what they are going to do because if Delta gets worse or something happens, they have to pay attention to data. However, they are indicating that sometime in November they will tell the world that they are going to stop tapering, I don't know if they are going to describe exactly how they are going to do it. The taper itself will take a year or something like that. So that will all be fine if we have decent growth. I think decent growth is far more important than anything."
Dimon believes that India will be one of the fastest growing nations in the planet for the next decade if it focuses on implementation and execution of long-term policies.
"It is far more important for India to not to constantly react to 6 months of stock markets, the long term policies will ensure the success of India. India has great universities but it needs better infrastructure, it needs to reduce bureaucracy, GST is a very good way to reduce bureaucracy, privatising assets, rule of law, transparency, attracting FDI, if you do all that, India's future is very bright. So I am quite optimistic that India will be one of the fastest growing nations in the planet for the next decade."
According to Dimon, China has done an excellent job over time of managing their economy and they will do it now as well.
"China has been pretty tough at a bunch of different things. They are not doing it to damage the global economy. They are doing it for their own political reasons and things like that. They have done an excellent job over time managing their economy and I suspect they will now as well. I am not surprised at some of the issues there, they have always had this issue about financial transparency, rule of law, who owns what assets, hidden leverage, so what we are seeing today is a little bit of that but you have also seen the reactions, they want to get their hands around it. They don't want it to happen anymore and I agree with them, it is bad for economy."
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