Also Read: Geopolitics is far more important than interest rates in US and Japan, says Jamie Dimon
“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 in an interview.
“We’re one of the bigger international payment systems here. And all these things you’re doing are going to make you grow more. It’s achievable, and you need strong leadership, as you’ve had with Modi.”
The Indian government is stepping on the gas to grow at more than 7% annually and is hoping to achieve $7 trillion by 2030. It has accelerated manufacturing with PLI schemes, and is actively pushing to set up semiconductor plants.
The US Fed was right in reducing interest rate by 50 bps, but Dimon was “cautious” about whether this could lead to a “soft landing” of the US economy. The US fiscal deficit is still high, which is inflationary and may keep rates high, he said.Read full interview here