India continues to cement its position as the world’s fastest-growing major economy, even as global economic conditions present significant challenges. Prime Minister Narendra Modi recently emphasized this remarkable achievement during his address to the Indian diaspora in Muscat, Oman. He highlighted that India’s economic growth has consistently remained above the 8% mark, showcasing the nation’s resilience and inherent strength. This performance is particularly noteworthy when compared to other leading economies that are grappling with much slower growth rates. The Prime Minister pointed out that while major global economies are striving for modest percentage gains, India is maintaining a robust upward trajectory, demonstrating its significant capabilities on the world stage. India’s Gross Domestic Product (GDP), now the fourth-largest globally, recently saw an expansion of 8.2% in the September quarter, building on the 7.8% growth in the preceding quarter. This continued expansion occurred despite considerable global economic pressures, including trade policy shifts from major nations. The Prime Minister also underscored India’s growing influence as a hub for innovation and talent. He stated that India is not only addressing its domestic challenges but also contributing solutions to global issues, with Indian talent benefiting numerous international brands. Furthermore, India’s manufacturing prowess was evident in its emergence as the second-largest producer of mobile phones globally, a testament to its industrial capabilities. The Prime Minister linked this economic vitality to India’s deepening engagement with the Gulf region, specifically mentioning the strong ties with Oman. He noted that Oman is a particularly special partner, being India’s third-largest export destination within the GCC. Bilateral trade figures, reaching USD 10.5 billion in 2024-25, reflect this expanding economic partnership. The visit concluded with the signing of a landmark free trade agreement, the Comprehensive Economic Partnership Agreement (CEPA), which is poised to significantly boost trade, investment, and opportunities across various sectors for both nations. The agreement, set to offer duty-free access for 98% of India’s exports to Oman, is a historic step in strengthening the 21st-century relationship between the two countries.
