JPMorgan Chairman and Chief Executive Jamie Dimon has spoken about how the investment bank has grown in India along with that of the country at large. From 6,000 employees in the country to over 50,000, the financial services company has come a long way, he said.
In an interview with the Economic Times, Dimon said, “I am happy to be back here. I love coming to India, and have always learned so much. This is our eighth equity conference now. I've been coming since 2005. We've gone from some 6,000 employees here to over 50,000 and the global service centres now have everything. It used to be just call centres but now it's everything.” He added that JPMorgan is one of the biggest international investment banks in the country and that the journey has been “extraordinary”.
Jamie Dimon’s comments come days after JPMorgan included India in its widely-tracked emerging market debt index. India’s local bonds were included in the Government Bond Index-Emerging Markets (GBI-EM) index and all the index suite. JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible.
Dimon said the inclusion in the index is “great for the country” and in general “a very good thing”. He said that this might not be a huge material effect but it is a sign of maturity.
JPMorgan Chairman believes that this is India’s moment, especially as US-China relations have gotten so complicated. He cited the example of Apple coming to the country, a huge opportunity for manufacturing, services and trade. However, he also gave examples of India making its own progress, including Aadhaar and GST. “I think the power of freedom of people and entrepreneurs is extraordinary. You see it in your technology here,” he said.
While lauding India and its growth, Dimon also underscored the challenges. Inconsistent taxation and permits are some of the challenges.
Also read: JPMorgan adds India government bonds to EM debt index
Also read: 'Sovereign borrowing costs may go down, could boost Rupee': CEA on India joining JPMorgan bond index