JP Morgan CEO is bullish on India but not ‘as a counter to China’

JP Morgan Chase & Co.'s CEO Jamie Dimon thinks India has a bright future and that his company is growing its presence in the country.

At the JP Morgan Global Markets Conference in Paris, Dimon told Bloomberg that India, the fastest growing major economy in the world, is on a good path due to improvements in its infrastructure and financial systems.

“I think India has done a very good job. When you look at India, it should have a very bright future. I'm not saying as a counter to China. I think we should all be reaching out to India.” Dimon said.

Dimon highlighted several positive changes in India, such as better infrastructure, increased financial support, and 700 million people now having bank accounts, which benefit the country.

Dimon added: “They made a lot of changes. Infrastructure, transfer payments, 700 million people having bank accounts are going to be very good for that country.”

The West's Natural Ally:

He also noted that India is a democracy and a natural ally of the Western world.

“We should all help them,” he said.

Regarding JP Morgan’s involvement in India, Dimon mentioned they are heavily investing in the country. “We have 60,000 employees there, big campuses, advanced technology, and we’re expanding our trading, research, and investment banking. We are fully committed,” he said.