Prime Minister Narendra Modi has affirmed India’s status as the world’s fastest-growing major economy, a remarkable feat achieved amidst widespread global economic deceleration. Addressing the Indian diaspora in Muscat, Oman, he underscored India’s economic performance, noting growth rates that have consistently exceeded 8%, thereby demonstrating the nation’s robust economic fundamentals and capacity to thrive despite international challenges.
This sustained growth positions India favorably on the global stage, especially when compared to the more modest growth percentages reported by leading economies. India’s GDP, now the fourth-largest globally, showcased an impressive 8.2% expansion in the September quarter, a testament to its economic dynamism. The Prime Minister highlighted how Indian talent and innovation are not only solving domestic issues but also contributing to global solutions, enhancing India’s international standing.
The nation’s manufacturing sector has seen significant progress, notably becoming the second-largest global producer of mobile phones. This development signifies the success of ‘Make in India’ initiatives and the country’s increasing competitiveness in global manufacturing. PM Modi’s address emphasized India’s forward-looking approach and its capability to achieve ambitious targets swiftly and effectively.
The Prime Minister’s engagement in Oman underscored the deep historical and strategic connections between India and the Gulf region. Oman is an important economic partner, with bilateral trade reaching USD 10.5 billion in 2024-25, indicating strong and expanding cooperation. He commended the Indian community in Oman for their integral role in fostering goodwill and representing the close relationship between the two countries. The visit culminated in the signing of a historic Comprehensive Economic Partnership Agreement (CEPA), a free trade deal set to significantly boost trade, investment, and create new opportunities, ensuring decades of enhanced bilateral ties and prosperity for the youth of India and Oman.