LONDON — Speaking at the India Investor Summit, JPMorgan Chase Chairman and CEO Jamie Dimon expressed his optimistic outlook on India’s current economic climate, stating that the country’s success is “completely justified.”

Dimon reminisced about the growth of the summit over the past decade, noting the significant increase in attendees – from 50-75 clients to now hosting 700 investors and 100 presenting companies. He shared his belief that the optimism surrounding India is well-founded in AsumeTech-TV18’s interview with Shereen Bhan at the conference on Monday.

India’s Growing Global Influence

India’s influence on the global economic stage has been steadily rising, especially as Western nations aim to diversify away from China. This shift in focus has ignited renewed interest among investors, resulting in over a 15% increase in India’s NIFTY 50 benchmark stock market index over the past year.

Dimon Applauds Modi’s Policies

Dimon commended Indian Prime Minister Narendra Modi for spearheading initiatives that have positively impacted the country’s business climate. Specifically, he highlighted policies that have simplified tax procedures, facilitated easier access to banking services for Indian citizens, and encouraged foreign investments.

The bank’s workforce in India has also seen significant growth, expanding from approximately 6,000 employees in 2005 to 60,000 employees today, Dimon added.

India’s Promising Future

According to the United Nations, India became the world’s most populous country in April, boasting 1.4 billion citizens. Forecasts from S&P Global, Morgan Stanley, and Goldman Sachs predict that India will surpass Japan and Germany to become the world’s third-largest economy by 2030 and the second-largest economy by 2075, respectively.

The United States aims to enhance its collaboration with India in the manufacturing sector, seeking to reduce its reliance on China. Similarly, German Chancellor Olaf Scholz expressed his commitment to securing a free trade agreement between India and the European Union, emphasizing the importance of this partnership during his meeting with Modi in New Delhi.

Dimon stressed that the increasing focus on India is not solely due to tensions with China but rather reflective of the vast opportunities and potential the country offers.