I'm quite optimistic about the future of India: Jamie Dimon

At the JPMorgan Investor Conference held in Mumbai, CEO Jamie Dimon expressed strong optimism regarding India's economic future, highlighting the impressive growth trajectory of Indian businesses.

Reflecting on JPMorgan's expansion in the region, Dimon noted a remarkable increase in the firm's workforce from 6,000 to 60,000 employees in India, underscoring the firm's commitment to the market.

In an interview with Prashant Nair from CNBC-TV18, Dimon praised India for its strides in financialization of savings, enhanced infrastructure development, and ongoing reforms in the Goods and Services Tax (GST). He emphasized that these initiatives have significantly opened doors for foreign investment, creating a more favourable business environment.

"We bank 850 multinationals here, got 55,000 (employees) in the global service centre and that global service centre is into engineering, cyber, tech, data, and AI," said Dimon.

Dimon has consistently voiced his confidence in India's potential, previously describing the firm's investment in the country as "completely justified." "India's goal to become a $7-trillion economy by 2030 is achievable," said Dimon, praising Prime Minister Modi's strong leadership and infrastructure initiatives.

On a different note, when asked about the upcoming U.S. presidential elections, Dimon refrained from endorsing any candidate, including Kamala Harris or Donald Trump. "I am not endorsing anyone this time," he stated, shifting the focus to policies that can effectively support both foreign and domestic challenges. He advocated for reforms like a negative income tac and improved regulations, emphasizing the need for outcomes that benefit the next generation as they enter the workforce.

As India continues to chart a path of rapid economic expansion, Dimon's insights highlight the growing importance of the Indian market on the global stage and JPMorgan's commitment to investing in its future.