Prime Minister Narendra Modi recently emphasized India’s remarkable economic resilience, stating that the nation continues to lead as the fastest-growing major economy. This achievement is particularly noteworthy as many other prominent global economies grapple with significant slowdowns and economic challenges. Addressing the Indian diaspora in Muscat, Oman, PM Modi shared that India’s economic growth has consistently exceeded 8%, a testament to its robust fundamentals even amidst global uncertainties.
“India’s growth has been above 8%, solidifying its position as the fastest-growing major economy globally,” the Prime Minister announced. He contrasted India’s strong performance with the struggles of larger economies, which are often content with single-digit growth percentages. This sustained high growth rate showcases India’s inherent capabilities and its potential on the world stage.
India’s Gross Domestic Product (GDP), now the fourth-largest globally, demonstrated impressive expansion, reaching 8.2% in the September quarter, an uptick from the previous quarter’s 7.8%. This growth momentum persists despite international economic pressures, including trade policy shifts. The Prime Minister also highlighted India’s expanding global influence, positioning the country as a hub for innovation and skilled talent.
“India is not just solving its own issues but also contributing to global problem-solving, with Indian talent benefiting numerous international brands,” PM Modi stated. He further underscored India’s manufacturing prowess, noting its rise to become the second-largest producer of mobile phones worldwide. “It’s highly probable that the phone you’re holding is ‘Made in India’,” he remarked.
Connecting India’s economic journey with its strategic ties in the Gulf region, PM Modi expressed the unique bond between India and Oman. He described Oman as especially significant within this region. Bilateral trade has seen substantial growth, reaching USD 10.5 billion in 2024-25, with Oman being India’s third-largest export market among GCC nations. The recent signing of a free trade agreement, the Comprehensive Economic Partnership Agreement (CEPA), is expected to further deepen this economic and strategic cooperation.
PM Modi concluded his address by commending the Indian community in Oman for exemplifying coexistence and cooperation, referring to them as the “living embodiment” of historical ties. His visit to Oman, the final leg of a multi-nation tour, concluded with his departure for India. During the visit, discussions focused on strengthening the India-Oman Strategic Partnership, and the CEPA was lauded as a historic step that will benefit the youth and energize bilateral relations for decades.
The visit also saw PM Modi being conferred the Order of Oman, the Sultanate’s highest civilian award, acknowledging his role in fostering bilateral relations. The CEPA promises to provide duty-free access for 98% of India’s exports to Oman, while Oman will reduce tariffs on specific products. This agreement is particularly timely as India navigates global trade dynamics.