PM Modi has lifted 400 million people out of poverty: JP Morgan CEO

Prime Minister Narendra Modi has taken 400 million (40 crore) people out of poverty and is doing an “unbelievable job” in India, Global banking giant JP Morgan Chase chief executive officer (CEO) Jamie Dimon has said.

Speaking at an event hosted by the Economic Club of New York on Tuesday, Dimon lauded the economic reforms implemented by the Modi government and said some of them could be introduced in the US as well.

“Modi has done an unbelievable job in India. I know the liberal Press here, they beat the hell out of him when he’s taken 400 million people out of poverty,” Dimon remarked.

He complimented PM Modi for his resilience in challenging outdated bureaucratic systems, calling him “tough”.

The leading banker referred to PM Modi as a “tough” administrator for breaking outdated bureaucratic systems in India and said, “We need a little bit more of that here (in the US).”

The 68-year-old banker also lauded India’s GST regime, which he said has removed corruption emanating from the disparity in tax systems followed by different states.

Dimon highlighted India’s advancements in technology and finance, noting the widespread adoption of digital identification and banking services, with over 700 million citizens having bank accounts.

“Every citizen by hand or eyeball or by finger is recognised. They’ve bank accounts for 700 million people. Their transferred payments are going through,” he pointed out.

The banker also praised India’s education system and infrastructure, describing them as “unbelievable.”