India Remains Fastest-Growing Major Economy Amid Global Slowdown: PM Modi In Oman | India News

Muscat: Prime Minister Narendra Modi on Thursday highlighted India’s strong economic performance and said the country remains the fastest-growing major economy at a time when many of the leading global economies are facing adverse headwinds. Addressing the Indian diaspora in Muscat during the Maitri Parv program, Prime Minister Modi said that despite global challenges, India’s growth remained above 8 percent, indicating the resilience of the economy.

“A few days ago, economic growth data was released; India’s growth was above 8%. This means that even though the world is facing challenges, India remains the fastest growing major economy,” the Prime Minister said. He noted that India’s trajectory stands out amidst a global slowdown. “While the largest economies struggle for a few percent growth, India continues with a high growth rate, showcasing the country’s capabilities,” he added.

India’s GDP, now the world’s fourth-largest country, rose 8.2 percent in the end-September quarter from 7.8 percent in the previous quarter. The growth came despite global economic pressures, including higher tariffs imposed by the United States on India’s exports earlier this year. Highlighting India’s growing global footprint, Prime Minister Modi said the country is emerging as a hub of innovation and talent.

“India is not only finding solutions to its own problems, but is also working on how it can solve the problems of millions of people around the world. Many global brands have leveraged Indian talent,” he said. He also pointed out India’s manufacturing capabilities, noting that the country has become the world’s second largest mobile phone manufacturer. “If you carry your phone with you, it should have ‘Made in India’ written on it,” PM Modi said.

Linking India’s growth story with its activities in the Gulf, the Prime Minister said that India and Oman share ties that extend beyond geography. “This entire region is special for India, and Oman is even more special,” he said, highlighting the strategic importance of bilateral ties. Oman is India’s third largest export destination among Gulf Cooperation Council countries, with bilateral trade expected to reach US$ 10.5 billion in 2024-25, reflecting growing economic interaction.

Before concluding his speech, Prime Minister Modi praised the Indian community in Oman, calling it a “living example” of coexistence and cooperation. “You are the greatest protectors of these centuries-old ties,” he said. Later on Thursday, Prime Minister Modi left for India after completing an extensive visit to Oman, where the two countries signed a major free trade agreement aimed at deepening economic and strategic cooperation.

Prime Minister Modi was seen off at the airport by Oman’s Deputy Prime Minister for Defense Affairs, Sayyed Shihab bin Tariq Al Said, who bid him farewell with namaste. Arriving in Muscat on Wednesday, the Prime Minister held talks with Sultan Haitham bin Tariq and both leaders reviewed the India-Oman Strategic Partnership and explored ways to further strengthen bilateral relations.

Expressing his gratitude at the end of the visit, Prime Minister Modi said, “I express my gratitude to His Majesty Sultan Haitham bin Tarik, the Government and people of Oman for the love they showed during this visit. The signing of CEPA was an important result that will benefit the youth of our nations.” “We have made significant progress in other futuristic sectors as well. I hope the India-Oman friendship will further solidify in the coming times,” he added in a post on X.

External Affairs Ministry spokesperson Randhir Jaiswal described the visit as one that “touched hearts and strengthened ties”. In a post on he said.

Oman marked the last leg of Prime Minister Modi’s three-nation tour, which also included visits to Jordan and Ethiopia, reflecting India’s continuous diplomatic engagement in West Asia and Africa. During his visit to Oman, Prime Minister Modi was awarded the Order of Oman, the Sultanate’s distinctive civilian honor, by Sultan Haitham bin Tariq for his contribution to strengthening bilateral relations.

Prime Minister Modi also witnessed the signing of a free trade agreement in Muscat, Oman, which will provide duty-free access to 98 per cent of India’s exports, including textiles, agricultural products and leather products. India will also reduce customs duties on Omani products such as dates, marble and petrochemical products. The agreement is expected to enter into force in the first quarter of the next calendar year.

Emphasizing the importance of the agreement, Prime Minister Modi said, “Today, we are taking a historic step in India-Oman relations, the positive impact of which will be felt for decades. The Comprehensive Economic Partnership Agreement (CEPA) will strengthen our ties in the 21st century. It will give a new impetus to trade, investment and open new opportunities in different sectors.”

The deal comes at a time when India faces high tariffs of 50 percent in the United States, its biggest export destination, while Oman remains an important strategic partner and an important gateway for Indian goods and services to the broader region and Africa. During the meeting, Prime Minister Modi and Sultan Haitham noted that the completion of 70 years of diplomatic relations is an important milestone.

“They explored ways to add more depth to the India-Oman Strategic Partnership,” Jaiswal said. PM Modi also interacted with Indian students and community members in Oman, reiterating “coexistence and cooperation” as defining characteristics of the Indian diaspora. He underlined India’s transformational growth, stating that the country in the 21st century takes “big” and “swift” decisions, sets ambitious goals and delivers results in a time-bound manner.

This was Prime Minister Modi’s second visit to Oman and the trip held special significance as it coincided with the 70th anniversary of the establishment of diplomatic relations between the two countries. Ahead of his visit to Oman, Prime Minister Modi traveled to Ethiopia on his first visit to the East African country, where India and Ethiopia upgraded their historical ties to Strategic Partnership.

He held extensive talks with Ethiopian Prime Minister Abiy Ahmed Ali and witnessed the exchange of many memorandums of understanding. Prime Minister Modi also addressed the joint session of the Ethiopian Parliament, during which he described the two countries as “natural partners” in terms of regional peace, security and connectivity.

During the visit, he was awarded Ethiopia’s highest honor, the Order of the Great Honor of Ethiopia, and became the first global head of state to receive this award. On the first leg of the tour, Prime Minister Modi visited Jordan, where India and Jordan signed a Memorandum of Understanding aimed at providing a major boost to bilateral relations and friendship in the fields of culture, renewable energy, water management and digital public infrastructure.