What Dimon is hearing from investors
JPMorgan Chase & Co. Chairman and CEO Jamie Dimon told The Economic Times on Tuesday that sentiment on India remains broadly upbeat, with one big catch. "Most investors probably have very positive views on long-term investment in India, but they worry about the inconsistent application of taxes," he said. "I get a lot of complaints from companies about paying more tax on a deal than they expected."
When pressed on whether the AI boom or domestic hurdles have cooled enthusiasm, he replied that funds are being allocated amid a blend of influences - among them AI, geopolitics, and uncertainty in trade - and that worries about taxes and the consistency of rule enforcement are further discouraging investors.
Policy tweaks and the flow of money
Foreign investors have long pushed back on India's high and uneven tax regime, saying parts of it do not line up with global practice. Policymakers have begun to chip away at that image. In June, the government did away with the tax on overseas investment in government securities and loosened some limits on foreign ownership of select bonds.
The money picture is a bit two sided. The country drew close to a record $100 billion of FDI in the financial year ended March, according to Reserve Bank of India data. But after investors took profits on older bets and Indian companies invested more abroad, net inflows were only about $7 billion. In addition, foreign portfolio players have already pulled about $25 billion out of Indian equities this year.
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Competition, rules and market depth
Dimon said foreign firms still run into barriers. "Competition is good for India."
He also pointed to areas that could lift confidence further, citing the need for clearer regulation, more consistent taxation and stronger policy certainty. He added that India could significantly broaden and develop its capital markets.
Why this matters for your money
Dimon's bottom line on growth was upbeat. The economy expanded at near-8% last quarter, and he said, "I think it's got great prospects." For anyone exposed to India through funds or multinational earnings, the story is still attractive, but the path gets smoother as tax and rulebook consistency improves.
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