US will be India's best natural ally for a 100 years: Jamie Dimon, chairman & CEO, JPMorgan
JPMorgan chairman and chief executive Jamie Dimon to face a crisis and bail out those who get into trouble. In an interview with MC Govardhana Rangan, Bodhisatva Ganguli and Joel Rebello, the go-to banker even for the US Federal Reserve said he expects that global financial metrics could get worse before getting better. When few thought the 10-year US bond yield would rise to 3%, Dimon was preparing for 5%, and he says he is now ready to face even 7% by way of risk-free rates.
There could be accidents, but nothing like a global crisis after the Lehman Brothers implosion. And above all, he's betting on an enduring India-US partnership — lasting not years or decades, but a century. Edited excerpts:
Among Indian policymakers there is a conviction that this is India's moment. How does it sound to you?
There is no question.
The US-China relations have gotten so complicated. I'm not against China, but you're going to see a lot of companies moving supply lines because of resilience reasons, not because they're angry at China. I was surprised how many were reliant on this supply line.
So you have Apple coming here. For manufacturing, possibly for services, anything trade related, it's a huge opportunity. But India has also been making its own progress away from that in terms of when they got Aadhaar in place.
I think that's brilliant. And then I remember years ago, the GST reforms to eliminate bureaucracy and your infrastructure spending. It's a democracy.
I think the power of freedom of people and entrepreneurs is extraordinary. You see it in your technology here.
Does India feel like China 15 to 20 years ago?
Yes. But I think India is a little bit more complicated.
