Key Highlights:

  • JPMorgan CEO Jamie Dimon says India's economy could nearly triple in size over the next decade.
  • The bank plans to expand its India research coverage from around 200 to 2,000 companies, with 400 companies added specifically to research.
  • JPMorgan's India workforce has grown from 6,000 employees in 2025 to 60,000 professionals across technical and investment banking roles.
  • Dimon urged the US and India to finalise their pending trade agreement, saying "I would like to see it finished."
  • He warned that persistent inflation, high government borrowing and AI-driven capital demand could keep interest rates elevated for longer.

A Bullish Outlook on India's Growth

JPMorgan Chase Chief Executive Officer Jamie Dimon has said that India's economy could nearly triple in size over the next decade, highlighting plans to expand the company's footprint in the country as part of a broader bet on India's continued economic growth.

Plans for a Sharp Expansion in Coverage

Dimon said the bank expects a sharp rise in its India coverage and operations over the next decade, saying that there will be 400 companies in research, with 2,000 companies being covered, according to reports, indicating a significant scaling up of JPMorgan's analytical and advisory presence within the Indian market.

Deepening Ties With Government and Business

Dimon said JPMorgan plans to work closely with the government and Indian businesses, underlining the rapid expansion of the company's India operations since 2005, when he first visited the country, reports CNBC-TV18, framing the bank's current growth plans as the continuation of a two-decade-long relationship with the Indian market.

A Dramatic Growth in Workforce

JPMorgan had only 6,000 employees in India in 2025, and the company now employs 60,000 professionals across a range of technical areas and investment banking, he said, illustrating the scale at which the bank's India operations have grown in a relatively short span of time.

Current Research and Advisory Operations

The US-based investment bank currently covers nearly 200 Indian companies through its research operations, while also working with multinational corporations and Indian companies looking to expand overseas, giving JPMorgan a dual role in both domestic Indian market analysis and cross-border business facilitation.

A Call to Finalise the India-US Trade Deal

The CEO also urged New Delhi and Washington to finalise a trade agreement, stressing the importance of consistency in trade and investment rules. "I would like to see it finished," Dimon said, urging the two governments to "sit down and try to finish it," a direct appeal that reflects the business community's interest in greater regulatory certainty between the two countries.

Warning Signs for the Global Economy

Dimon also flagged that the global economy faces several threats, including persistent inflation, elevated government borrowing, geopolitical tensions and rising demand for capital, painting a more cautious picture of the broader macroeconomic environment even as he remained optimistic specifically about India's growth prospects.

A Forecast for Higher Interest Rates

He predicted that interest rates and bond yields could remain higher for longer, a view that runs counter to expectations some market participants may hold about a near-term easing cycle.

AI and Remilitarisation Driving Capital Demand

Artificial intelligence-related infrastructure and remilitarisation could push demand for capital higher, and "the odds of them going higher is more than other people think," Dimon said, suggesting that he views the market as potentially underestimating the scale of capital demand likely to emerge from these two trends.

A Potential Upside From AI Investment

AI investment surge could eventually boost productivity and create deflationary pressures, he said, adding that spending across the hyperscaler ecosystem could reach around $1 trillion next year, compared with about $700 billion this year, a striking projection that underscores just how rapidly capital expenditure tied to AI infrastructure is expected to accelerate, even as it simultaneously contributes to elevated near-term demand for capital across the broader economy.