India is unequivocally maintaining its position as the fastest-growing major economy, with growth rates consistently exceeding 8%, even as the global economic landscape faces considerable headwinds. Prime Minister Narendra Modi articulated this strong economic narrative during his address to the Indian diaspora in Muscat, Oman. He highlighted that this impressive growth trajectory is particularly significant when juxtaposed with the slower expansion rates observed in many other leading global economies. India’s GDP, now ranked fourth worldwide, recently recorded an expansion of 8.2% in the quarter ending September, underscoring its economic dynamism. This achievement is a testament to India’s inherent resilience and its ability to thrive amidst global economic uncertainties. Beyond quantitative growth, PM Modi also emphasized India’s qualitative contributions, positioning the nation as a burgeoning center for innovation and talent. He noted that Indian expertise is increasingly being leveraged to address both domestic and international challenges, benefiting a wide array of global industries. The manufacturing sector, in particular, has seen remarkable advancements, with India emerging as the second-largest manufacturer of mobile phones globally. The Prime Minister also spoke about the deepening strategic and economic partnership between India and Oman, a relationship characterized by historical connections and mutual cooperation. Oman serves as a vital gateway for Indian goods and services to the broader region. A pivotal outcome of the visit was the signing of the Comprehensive Economic Partnership Agreement (CEPA), a free trade agreement designed to significantly enhance bilateral trade and investment flows. This agreement is poised to unlock new economic opportunities and strengthen the long-standing friendship between the two nations, reinforcing India’s growing global economic influence.
