India is a good long-term bet over the next 20-30 years and terming it as a bright spot in the current global uncertain environment is not overdone, says Jamie Dimon, chairman of JPMorgan, in an interview with The Economic Times.
Dimon cites the current government's slew of pro-growth steps for his optimism over the India's strong growth prospects in the next 2-3 decades.
"India is definitely a bright spot, it's not overdone. It is growing at 7%-plus, the deficit has gone down quite a bit, and the government has made changes which are conducive to future growth," The Economic Times reported quoting JP Morgan's Dimon.
The chairman of this global investment banking firm said it now provides research on 120 listed companies here from just 20 firms in 2004-05, and several of them over the years did exceedingly well with no help from the government, the report added.
Damon also said JP Morgan's asset management arm will be infusing $9 billion across the country's asset classes and the investment could double or even triple over the next 15-20 years, the ET report said.
On being asked of foreign ownership in the Indian banks, Damon said overseas investors should be allowed to hold than 4.99 percent stake of an Indian bank, although the company has no plans to enter the retail banking business.
He also said the US federal reserve needs to hike interest rates, but a nominal 25 basis point uptick would not help. He downplayed the global worries of a possible US rate hike, and cleared that a growing US economy with low unemployment augurs well for global economy.