Prime Minister Narendra Modi recently lauded India’s exceptional economic performance, stating that the nation remains the fastest-growing major economy in the world, a significant feat considering the prevailing global economic slowdown. Speaking to the Indian diaspora in Muscat, Oman, PM Modi shared that India’s growth has consistently exceeded 8%, demonstrating the country’s economic resilience. He emphasized that while many established economies are experiencing sluggish growth, India continues to maintain a high growth rate, showcasing its unique strengths and capabilities. India’s GDP has now reached the fourth-largest position globally, with a recent quarterly expansion of 8.2%. This robust performance comes at a time when international economic conditions are challenging. The Prime Minister also pointed to India’s growing influence in innovation and its contribution to solving global problems. He cited the significant advancements in manufacturing, particularly in the electronics sector, with India becoming the second-largest mobile phone manufacturer. The Prime Minister underscored the importance of India’s relationship with Oman, highlighting the historical and strategic ties that extend beyond geographical proximity. Oman is a crucial trading partner for India within the GCC, and bilateral trade is on an upward trajectory. A significant development during the visit was the signing of the Comprehensive Economic Partnership Agreement (CEPA), a free trade deal aimed at significantly boosting bilateral trade and investment. This agreement provides preferential market access for exports and is expected to foster deeper economic integration and create new opportunities for businesses in both countries. The visit also celebrated the strong bond between the Indian community in Oman and their homeland, recognizing them as integral to the enduring relationship.
India’s Economic Resilience: PM Modi Highlights 8%+ Growth Amid Global Slump
World 2 Mins Read
