Prime Minister Narendra Modi has emphasized India’s remarkable economic resilience, declaring it the world’s fastest-growing major economy amidst a global slowdown. Speaking to the Indian diaspora in Muscat, Oman, he noted that India’s GDP has consistently surpassed 8%, demonstrating its robust performance even as other leading nations grapple with economic challenges. This growth trajectory is particularly significant given international economic pressures and trade policy shifts affecting exports.
India’s Gross Domestic Product (GDP) has expanded impressively, now standing as the world’s fourth-largest economy. Recent figures show growth exceeding 8% in the September quarter, a notable acceleration from the previous period. This economic vitality positions India as a beacon of growth in a turbulent global landscape. The Prime Minister also highlighted India’s expanding role as a hub for innovation and global problem-solving, citing the significant contributions of Indian talent to international businesses.
Furthermore, India’s manufacturing prowess was showcased, with the nation now being the second-largest producer of mobile phones globally. This manufacturing surge is a testament to India’s industrial capabilities and growing self-sufficiency. The Prime Minister’s remarks underscored the nation’s ability to set ambitious goals and achieve them efficiently in the 21st century.
His address in Oman also touched upon the deep-rooted historical and strategic ties between India and the Gulf region. Oman, in particular, holds significant importance, serving as a key partner and export destination. The ongoing expansion of bilateral trade, reaching over USD 10.5 billion, reflects the strengthening economic engagement. The Prime Minister lauded the Indian community in Oman as a living embodiment of the centuries-old relationship between the two nations, praising their role in fostering coexistence and cooperation. The visit concluded with the signing of a landmark Comprehensive Economic Partnership Agreement (CEPA), poised to further deepen economic and strategic collaboration and provide substantial benefits to the youth of both nations.