Prime Minister Narendra Modi has declared that India continues to lead the global economy as the fastest-growing major nation, even as many other countries experience a significant economic downturn. Speaking to the Indian diaspora in Muscat, Oman, PM Modi highlighted that India’s economic expansion has consistently maintained a rate above 8%, demonstrating remarkable resilience amidst global economic uncertainties.
“India’s growth remains above 8%, cementing its status as the fastest-growing major economy globally, despite worldwide economic challenges,” the Prime Minister stated. He contrasted this with the growth struggles faced by larger economies, emphasizing India’s sustained high-growth trajectory as a testament to its inherent strengths. India’s GDP, now the world’s fourth-largest, saw a robust 8.2% growth in the September quarter, building on the previous quarter’s 7.8% expansion.
This impressive economic performance is occurring even as the global economic landscape faces headwinds, including trade policy adjustments. PM Modi also underscored India’s emerging role as a global center for innovation and skilled talent. “India is not only addressing its own domestic challenges but is also actively contributing to resolving global issues, with Indian talent being instrumental in the success of many international brands,” he explained.
The Prime Minister also pointed to India’s manufacturing achievements, noting that the country has become the second-largest manufacturer of mobile phones globally. “It’s highly probable that the smartphone you are using has ‘Made in India’ printed on it,” PM Modi remarked.
Discussing the strong bilateral ties with Oman, PM Modi emphasized the unique and deep-rooted connections between the two nations. Oman is particularly significant within the Gulf region for India. Bilateral trade has seen substantial growth, reaching USD 10.5 billion in 2024-25, with Oman being the third-largest export destination for India among GCC countries. A major outcome of the visit was the signing of the Comprehensive Economic Partnership Agreement (CEPA), a free trade pact aimed at enhancing economic and strategic cooperation.
PM Modi commended the Indian community in Oman for embodying the spirit of coexistence and cooperation, calling them a “living example” of the long-standing relationship. Following his visit, the Prime Minister departed for India. The CEPA is expected to unlock significant economic benefits, including duty-free access for a vast majority of Indian exports to Oman, thus stimulating trade and investment.
This agreement is strategically important for bolstering economic partnerships and expanding market access. PM Modi was also honored with the Order of Oman, the Sultanate’s highest civilian award, recognizing his contributions to strengthening bilateral relations. The CEPA promises to be a catalyst for future growth and collaboration between India and Oman.