September 27, 2023: Calling India America’s ‘most useful friend,’ Chairman & CEO of JPMorgan Chase Jamie Dimon stated that the cooperation between the two nations is firming as “international dynamics undergo significant changes.”
He underscored the significant growth of the summit, which has evolved from a handful of clients to 700 investors worldwide and 100 contributing organizations, as clear evidence of India’s escalating prominence.
Dimon attributed this positiveness to Indian Prime Minister Narendra Modi’s efforts to improve the country’s business conditions, including simplifying banking services for residents, streamlining tax procedures, and attracting unfamiliar investment.
He also noted JPMorgan’s substantial expansion in India, with its workforce growing from 6,000 employees in 2005 to 60,000 today.
India’s increasing significance on the international financial stage, especially as an alternative to China, has reignited investor interest. The NIFTY 50 benchmark Indian stock market index has surged by more than 15% over the past year.
The United Nations has officially recognized India as the world’s most populous country, with 1.4 billion citizens. Forecasts from institutions like S&P Global, Morgan Stanley, and Goldman Sachs predict that India could become the world’s third-largest economy by 2030 and potentially the second-largest by 2075.
This positive sentiment extends to international relations, as the U.S. seeks closer collaboration with India in manufacturing, partly as a strategy to diversify away from China. Germany’s commitment to securing a free trade deal with India further underscores the global interest in India’s economic potential, regardless of challenges with China.