Jamie Dimon optimistic on India, says country 'growing quite well'

Dimon has expressed optimism on India in the recent past as well, calling the India bet 'completely justified.'

JPMorgan Chase CEO Jamie Dimon has said that he is quite optimistic about the future of India, and the country has been growing well.

Attending the JPMorgan Investor Conference in Mumbai, Dimon spoke to CNBC-TV18 and underscored the expansion that he has witnessed in the bank's India business. Dimon said that the lender has been expanding with India, and the country has been 'growing quite well', making him 'optimistic about the future.'

The India Bet

Dimon has expressed optimism on India in the recent past as well, calling the India bet 'completely justified.' He has openly praised India for boosting financialization of saving, ramping up infrastructure, and attempting to iron out the goods and services tax reform, along with opening up more spaces for foreign investment.

Not Endorsing Trump or Harris

Talking about the US Presidential election, Dimon said he is not endorsing either Kamala Harris or Donald Trump, and rather focus on the outcome. "I am not endorsing anyone this time, I spend most of my time on policy. What is it that we need that can help both the foreign policy and domestically? I would have a negative income tax, I would have better permit and regulations. When kids graduate, what kind of jobs do they get? So, you're focusing on the outcome and not just the input." He said. Dimon has been cautious on the topic of US election, and said it is hard to predict a winner between Harris and Trump.

Jamie Dimon also played down Trump's proposal to consider him for the post of Treasury Secretary, should he win.

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Dimon has in the recent past said that while he sees the US economy 'booming' right now, he does not take the chances of a recession in the US 'off the table.'

India's Semiconductor Opportunity

Reacting to both countries collaborating to set up a semiconductor plant in India aimed at advance national security for both countries, Dimon said it is great the two nations are reaching out to each other. 'I would love to see far more of that', Dimon added. "This has two parts, one the national security part, and the second is better economic relationship."

"It is very important that America and India have great economic relationship", said Dimon, adding that recent developments on the semiconductor front are a 'huge opportunity' for India, pointing out Apple's setting up of manufacturing hub of iPhones in India.

America was over-relying on China, said Dimon, adding that the question can arise as why US is depending on someone who one day could become adversary. "That does not make China the adversary today. Just like JPMorgan has always had multiple, diverse supply chains, we don't rely on anything. The second one is around policy, and countries aiding industry to dominate globally. That's not going to work either."