Prime Minister Narendra Modi recently declared that India continues to hold the distinction of being the world’s fastest-growing major economy, a remarkable feat given the prevailing global economic slowdown. Addressing the Indian diaspora in Muscat, Oman, PM Modi noted that India’s economic growth has consistently surpassed the 8% threshold, showcasing the country’s inherent strength and resilience in the face of international economic headwinds.
“India’s economic growth rate is above 8%, making it the fastest-growing major economy globally, even as the world faces significant challenges,” the Prime Minister asserted. He pointed out that while many leading economies are struggling to achieve even modest growth, India is maintaining a vigorous expansion, highlighting its capabilities and potential. India’s GDP, now the fourth-largest worldwide, expanded by 8.2% in the quarter ending September, an acceleration from the previous quarter’s 7.8% growth.
This sustained economic performance is occurring despite global economic pressures, including shifts in international trade policies. PM Modi also emphasized India’s growing influence on the global stage as a hub for innovation and skilled professionals. “India is actively contributing to finding solutions for global challenges, with Indian talent playing a crucial role in the success of many international corporations,” he added.
The Prime Minister also drew attention to India’s manufacturing capabilities, noting that the nation has emerged as the second-largest producer of mobile phones globally. “If you examine your mobile phone, it’s very likely to bear the ‘Made in India’ mark,” PM Modi remarked.
Reflecting on the strong ties between India and Oman, PM Modi highlighted the deep-rooted connections that transcend geographical boundaries. Oman holds a particularly important place within the Gulf region for India. Bilateral trade has seen significant growth, reaching USD 10.5 billion in 2024-25, positioning Oman as India’s third-largest export market within the GCC. A key outcome of the visit was the signing of the Comprehensive Economic Partnership Agreement (CEPA), a free trade agreement poised to deepen economic and strategic cooperation.
PM Modi praised the Indian community in Oman as a “living example” of the historical and ongoing cooperation between the two nations. His visit concluded with his departure for India. The CEPA is expected to provide significant economic advantages, including duty-free access for a substantial portion of India’s exports to Oman, thereby fostering new trade and investment avenues.
This agreement is strategically timed to enhance India’s economic partnerships and market access. PM Modi also received the prestigious Order of Oman, recognizing his efforts in strengthening bilateral relations. The CEPA marks a significant step towards a more robust economic future for both nations.