Jamie Dimon says India’s economy could triple in a decade, highlights JPMorgan’s expanding India operations

India could have an economy three times its current size within a decade, JPMorgan CEO Jamie Dimon said during the India Investor Conference.
JP Morgan Chase CEO Jamie Dimon (Image via The Washington Informer)

India’s economy could triple over the next decade, JPMorgan Chase CEO Jamie Dimon said in an exclusive interview with CNBC-TV18. Dimon also said the US banking giant plans to continue expanding its operations in India and work closely with the government and businesses.

On Tuesday, 22nd September, speaking on the sidelines of the JPMorgan India Investor Conference, Dimon said India’s economic growth could lead to a much larger corporate and research ecosystem over the next 10 years.

“My guess is if we meet again in 10 years, there’ll be 400 companies in research, there’ll be 2,000 companies being covered, your economy 10 years from now will probably be three times the size,” Dimon said. He added that JPMorgan would continue to invest in its India operations and work with local businesses and the government. “That’s the plan. We’re going to keep on building and working with your government, working with the clients here. That’s our job, to hopefully make things better for folks,” he said.

JPMorgan’s India operations have grown tenfold

Dimon also spoke about how much JPMorgan’s presence in India has expanded since his first visit to the country in 2005. “When I first got here, I think we had 6,000 employees. We have 60,000 employees across lots of technical areas, investment banking,” he said.

The bank currently tracks around 200 Indian companies through its research operations. It also works with multinational companies and Indian businesses looking to expand into international markets.

“We’ve seen the country grow. We’ve grown with it. And it’s been a great experience,” Dimon said.

Dimon calls for India-US trade deal

Dimon also said India and the US should complete their proposed trade agreement. He said businesses need stability and predictable rules to make long-term investment decisions.

“I would like to see it finished,” Dimon said, urging the two governments to “sit down and try to finish it”.

Global risks could keep interest rates high

While positive about India’s growth prospects, Dimon warned that the global economy still faces several risks. These include persistent inflation, high government borrowing, geopolitical tensions and growing demand for capital.

He said spending on infrastructure, artificial intelligence and remilitarisation could keep demand for capital high, potentially pushing interest rates and bond yields higher for longer. “I think the odds of them going higher is more than other people think,” Dimon said.

At the same time, he said AI could eventually improve productivity and create deflationary pressure. Dimon estimated that spending across the hyperscaler ecosystem could reach around $1 trillion next year, compared with about $700 billion this year.

Written by OpIndia Staff
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