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JPMorgan CEO Jamie Dimon said the bank remained a consistent investor in India as he highlighted the country's economic expansion and the deepening relationship between the US financial institution and Indian businesses. Speaking at the JPMorgan India Investor Conference, Dimon said he had been visiting India since 2005 and had witnessed the country and JPMorgan's own operations grow substantially.
Talking to CNBC-TV18, Dimon addressed the impact of geopolitical tensions on India, particularly the issue of Russian oil and potential US sanctions. He said the US should consider the consequences for India and global oil markets before imposing tariffs on Indian purchases of Russian oil.
“I think hopefully America will sit down and understand all those issues and not end up punishing India and the world oil markets while doing what we need to do to combat Russia,” Dimon said.
He added that he did not believe tariffs should be imposed on Indian oil purchases and called for dialogue between the two countries.
“I’m not sure I think we should be putting any kind of tariffs on your oil. We should have a conversation with you about what you do and how you do it,” Dimon said.
President Donald Trump has signed legislation giving his administration the power to impose tariffs of up to 100% on imports from the five biggest buyers of Russian oil and natural gas.
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, signed by Trump on September 18, also authorises sanctions against Russian officials, banks and vessels involved in transporting energy beyond existing restrictions. The measure cleared Congress with bipartisan support.
The legislation gives the Trump administration broad discretion to determine which countries could face tariffs and whether exemptions should be granted. So far, the administration has not announced any additional tariffs on India under the new law.
In the interview with CNBC-TV18, Dimon also spoke about India-US government relations and the stalled trade agreement between the two countries. He said the US and India should strengthen their relationship and described the two countries as natural partners.
“I think we should reach out our hand, you know, be friends. I think we're your natural partner. You're the world's biggest democracy or oldest democracy. You know, we have a lot of business that we do together,” Dimon said.
He pointed to the scale of commercial ties between the two countries, saying JPMorgan was probably India's largest foreign direct investor and that the US was likely the largest destination for Indian companies operating overseas.
Dimon stated that he wanted to see the trade agreement completed, arguing that stability in areas such as rules, laws and the treatment of capital was important for businesses operating internationally.
“I would like to see it finished. You know, like I think it's important to have stability. Things like that, there's even more complexity today,” Dimon said.
Responding to a question on whether India could continue maintaining a non-aligned position while strengthening its relationship with the US, Dimon pointed out that such a stance could become more difficult given India's geography and global circumstances.
“You could be not aligned; that may be hard and hard on the world, by the way, but you know where you are and who your neighbors are. I think we should reach out our hand, you know, be friends,” Dimon said.
Dimon also outlined JPMorgan's long-term plans for India, saying the bank expected its presence and research coverage to expand as the country's economy grows. He said JPMorgan had been investing in India consistently and had expanded alongside the country's development.
He said JPMorgan's coverage of Indian companies could increase materially over the next decade, alongside the expansion of the economy.
“India's been like I said we've gone 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. And that's that's the plan,” Dimon said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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