India fastest-growing economy, but taxation and rules can deter investment: JPMorgan CEO Jamie Dimon

JPMorganChase chairman and chief executive Jamie Dimon hailed India's 7.8% GDP growth but cautioned that inconsistent taxation, uneven application of rules, and barriers facing foreign companies could deter investment. India must promote competition, ensure fair treatment and strengthen governance to attract more global capital, he said in an interview.

"India is probably the fastest-growing economy on the planet," Dimon said. "Foreign companies often have a hard time competing here because they're not allowed to. Sometimes, local companies use regulations to block competition. The government shouldn't allow that. I think it's bad for all Indians."

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Dimon, 70, backed Tata Sons chairman N Chandrasekaran, while acknowledging he didn't know the details of the dispute, when asked about the conflict at Tata group. "I think the world of Chandra. He has done an exceptional job," he said.

He expressed confidence in the central bank's bid to raise dollars through foreign currency deposits to support the rupee. "RBI is pretty good at figuring out what it wants to do," he said.

As to whether the torrent of funds pouring into artificial intelligence (AI) is inflating a bubble, Dimon said the technology was real and would eventually deliver returns, though not necessarily in the manner or within the timeframe investors expect. "AI will pay off, just as the internet did. But internet paid off in different ways and at a different pace than expected. Ultimately, it was worth it," he said.

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On the dollar and gold, Dimon said currencies reflected expectations about inflation and the relative strength of economies. Higher inflation and elevated US sovereign debt could be affecting benchmark 10-year bonds. "We have a little more inflation, our sovereign debt is too high, and we're raising $2 trillion a year... but I think America is still a strong investment destination," he said.