Prime Minister Narendra Modi proudly declared that India continues to lead the global economic race as the fastest-growing major economy, even as the world grapples with significant slowdowns. During an address to the Indian diaspora in Muscat, Oman, he highlighted that India’s economic growth has consistently remained above 8%, showcasing the nation’s inherent strength and resilience against international economic turbulence. This impressive figure stands in stark contrast to the growth struggles faced by many established global economies.
The latest GDP figures reinforce India’s position as a global economic powerhouse, now the world’s fourth-largest. The economy demonstrated a remarkable expansion of 8.2% in the quarter ending September, building on the previous quarter’s strong performance. This sustained growth occurred despite global economic uncertainties, including the impact of trade policies from major economies. PM Modi emphasized India’s emerging role as a global center for innovation, with Indian talent contributing significantly to various industries worldwide.
Highlighting India’s industrial advancements, the Prime Minister pointed to the country’s ascent to become the second-largest manufacturer of mobile phones globally. This achievement reflects a broader trend of ‘Made in India’ products gaining international recognition and underscores the nation’s growing manufacturing might. He further elaborated on India’s proactive approach to problem-solving, extending its expertise to address global challenges.
The visit to Oman was framed within the context of India’s strong and deepening ties with the Gulf region. Oman is recognized as a vital strategic partner and a significant market for Indian goods and services. The substantial bilateral trade volume of USD 10.5 billion in 2024-25 underscores the thriving economic partnership. The Prime Minister lauded the Indian community in Oman for their exemplary role in bridging cultures and strengthening the historical bonds between India and Oman. A significant milestone was the signing of the Comprehensive Economic Partnership Agreement (CEPA), a free trade pact designed to boost bilateral trade and investment, unlock new economic avenues, and benefit the future generations of both nations.