JPMorgan's India business has seen a remarkable fourfold growth in recent years, according to Kaustubh Kulkarni, Senior Country Officer, India, and Vice Chairman, Asia Pacific at JPMorgan.
In a recent podcast, Kulkarni highlighted the significant expansion, noting that the bank now collaborates with around 800 companies of various sizes, a substantial increase from just 20 companies in the late 1990s. He emphasized the transformative scale-up achieved by the teams and businesses on the ground, illustrating the substantial difference in the scale of operations compared to earlier years.
Discussing the strategic approach, Kulkarni outlined JPMorgan's goal to become a crucial partner in the growth trajectories of companies. He emphasized the bank's commitment to being a significant player as domestic and multinational companies expand their operations in India. As businesses in India continue to thrive, JPMorgan aims to play a pivotal role in supporting and facilitating their journey.
Addressing the broader Indian economic landscape, Kulkarni shared insights into the country's growth story. He highlighted the aspirational nature of the Indian population, driven by a desire to achieve, contribute, and make a difference. Contrasting with trends in some other parts of the world, he emphasized that the focus in India is on accomplishment rather than working fewer hours. Kulkarni also underscored the significant opportunities emerging as spending patterns reach a larger segment of the population.
Additionally, he pointed out the advantages provided by India's digital and information layers, which are poised to foster the creation and development of new businesses. Overall, Kulkarni expressed optimism about India's economic prospects and JPMorgan's role in supporting and benefiting from the evolving landscape.