The Lone Bright Spot

The celebration of the Indian economy as an island of stable growth amid global uncertainty isn't exaggerated, said JPMorgan Chairman Jamie Dimon, who led the firm unscathed through the global financial crisis. Dimon, 60, said interest rate increases by Federal Reserve would reflect a strengthening US economy and cause only a temporary blip in the markets.
He staunchly defended globalisation as being beneficial but said those hurt by it needed help. “India is definitely a bright spot, it's not overdone,“ Dimon said. “You are the fastest-growing country on the planet today and you are making changes. I am not interested when people refer to a quarter, or this year because, the way I look at a country is what are its prospects over the next 20-30 years, and India's are good.“
Measures such as direct transfer of welfare to beneficiaries and the move to a uniform goods and services tax are among the reasons for optimism, he said.
Dimon joins global business leaders such as Jes Staley of Barclays and Piyush Gupta of DBS Bank sold on India's growth potential as the government pushes ahead with reforms and banks clean up loan books. Improved ease of doing business and the stamping out of corruption in the upper echelons is adding to the lustre. Gross foreign investments in fiscal 2016 surged a record 23% to $55.55 billion. Dimon said the Fed should raise rates and dismissed market chatter to the contrary.

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