India has built an enviable digital infrastructure which will allow it to be the fastest-growing country in the world over the next 10 years. Jamie Dimon, CEO of JPMorgan Chase, stated this in an interview prior to the US Federal Reserve’s rate increase decision. He suggested that the key to this transition could be the rerouting global supply chains so that companies aren’t as dependent on China.
He said that while the US Fed might raise the interest rate much higher than originally anticipated, it will make it more difficult for the market adjust. However, the greater damage being done by geopolitical events like the Ukraine war and the cloud over Taiwan are being caused by these events. Dimon said that the US would be India’s most trusted global ally in the coming two decades.
Dimon stated that India should aim to become the fastest-growing country on the planet in the next decade. Anything less than this target is unacceptable. The question you need to ask yourself is: How can we get there? India has made some amazing achievements over the past 10 years, including biometric identification for transfer payments to banks.
He said that India has the opportunity to expand its manufacturing capabilities by shifting its global supply chain, which is currently dependent only on China. He said that the Gujarat International Finance Tec-City, which is based in Gandhinagar, is less regulated and should allow for a faster takeoff.
“America will be Your Best Ally”
Dimon said, “I hope that GIFT City will work for you and now this enormous opportunity with people moving supply chains out China, of course you should be a major beneficiary.”
“You’re looking at the world and trying to be peaceful. You’re right next China and Russia, but America will be your greatest ally over the next 20 years.”
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