India’s economy could nearly triple in a decade, JPMorgan CEO Jamie Dimon says

JPMorgan Chase CEO Jamie Dimon has said India’s economy could nearly triple in size over the next decade, as the US financial giant plans to significantly expand its research coverage and operations in the country.

Dimon said JPMorgan expects its India business to grow substantially over the coming years and plans to deepen its engagement with the Indian government as well as domestic businesses.

The bank currently covers nearly 200 Indian companies through its research operations. Dimon said the number could rise sharply, with plans for around 400 companies in research and about 2,000 companies under coverage, according to reports.

He also highlighted the scale of JPMorgan’s expansion in India since his first visit to the country in 2005. The bank, which had around 6,000 employees in India in 2025, now has about 60,000 professionals working across areas including technology, investment banking and other operations, he said.

JPMorgan also works with multinational corporations and Indian companies seeking to expand their businesses internationally, giving the bank a broad exposure to the country’s growing corporate and financial ecosystem.

Dimon meanwhile called for India and the US to conclude their ongoing trade negotiations, stressing the importance of greater consistency and predictability in trade and investment rules.

“I would like to see it finished,” he said, urging the two governments to “sit down and try to finish it”.

Beyond India, Dimon cautioned that the global economy continues to face a combination of risks, including persistent inflation, high government borrowing, geopolitical tensions and growing demand for capital.

He said interest rates and bond yields could remain elevated for longer than markets currently expect, particularly as spending requirements increase in areas such as artificial intelligence infrastructure and defence.

Dimon said the global demand for capital could rise further as companies invest heavily in AI-related infrastructure and countries increase defence spending. He suggested that the possibility of rates and yields moving higher remains greater than many market participants anticipate.

At the same time, the JPMorgan chief said the rapid expansion of AI investment could eventually translate into higher productivity and create deflationary pressures.

He estimated that spending across the hyperscaler ecosystem could reach around $1 trillion next year, compared with approximately $700 billion this year, underlining the scale of investment expected in AI infrastructure.

Advertisement