'Need a bit of that in US': JPMorgan's Dimon praises 'tough' PM Modi for doing 'unbelievable job' in India

JPMorgan Chase & Co. chief executive Jamie Dimon

JPMorgan Chase & Co. chief executive Jamie Dimon praised Prime Minister Narendra Modi for doing “an unbelievable job in India”, adding that the “liberal press in US beats the hell out him, when he has taken 400 million people out of poverty”.

“Modi has done an unbelievable job in India…He has taken 400 million people out of poverty. We go and lecture Modi when they want to trade with us… he has 400 million people without toilets. We are lecturing them how to do things.”

During an event organised by the Economic Club of New York, the largest US bank’s CEO also said Modi government has undertaken several reform initiatives and that the India has an "unbelievable infrastructure and educational system".

He also complimented the PM for being 'tough' and untangling the country's bureaucratic system, adding that "a little bit more of that” is needed in the US.

“They (India) have got an unbelievable education system. Unbelievable infrastructure. They are lifting their whole country because this one man (PM Modi) is tough.”

"They have 29 states or something like that... and the tax system is complicated.. it's like Europe. It leads to enormous corruption. He is breaking it down.. And so yeah there are these people who have turned things around.. And we need a little bit of that here as well"

The banker also said 700 million people have opened bank accounts in the country and the transferred payments are going through.

“Every citizen by hand or eyeball or by finger is recognised. They’ve bank account for 700 million people. Their transferred payments are going through,” Dimon said.

Meanwhile, the CEO expressed confidence in the performance of the US economy over strong employment and healthy consumer finances. During the event, he said the US economic boom is 'unbelievable' and even if the country goes into recession, "the consumer's still in good shape".