‘Under a strong leadership, India can hit $7-trillion target by 2030’, says JPMorgan CEO Jamie Dimon

Mumbai: India’s aspiration to be a $7-trillion economy by the end of the decade can be achieved as a “strong” Prime Minister Narendra Modi rolls out the digital and physical infrastructure that’s drawing multinationals involved in manufacturing advanced products and services, said Jamie Dimon, chairman and CEO, JPMorgan.

“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.