PM Modi on Thursday reiterated India’s economic story, saying that growth stood at over 8%, even amid ongoing challenges. Speaking at the India-Oman Business Summit in Muscat, the PM said, “A few days ago, the economic growth figures were released, and India’s growth stood at over 8%. This means India has continued to remain the world’s fastest-growing major economy. This has happened at a time when the entire world is surrounded by challenges.”
Addressing the much awaited trade agreement between the two nations, PM Modi said, “India-Oman Comprehensive Economic Partnership Agreement will give our partnership new confidence, energy in 21st century,” he said. He further added that in the past 11 years, “India has not just changed its policies, country has changed its economic DNA.” PM Modi also engaged with business leaders from both countries and outlining deeper economic collaboration as both nations prepare to sign a CEPA today. Highlighting India’s economic trajectory and its implications for partners other partners, PM Modi said, “India’s nature has always been progressive and self-driven. Whenever India grows, it helps its friends grow as well. Today, India is progressing towards becoming the world’s third-largest economy. This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours,” he said. PM Modi also underlined the long-standing trust in commercial ties, noting that both sides understood each other’s markets well due to generations of business engagement.Union commerce and industry minister Piyush Goyal, who also addressed the summit, said that the two countries were on the brink of a major moment in their economic partnership and added, “our bilateral trade has crossed 10 billion dollars, but that is just the beginning. We must focus on a diversified trade partnership,” he said. According to Goyal, the CEPA would enable a more ambitious future by offering duty-free trade and removing trade barriers.Inviting greater business engagement, Goyal said, “We invite Omani business persons to leverage India’s vibrant market, while Indian businesses will find Oman a strategic gateway to the Gulf, Africa, and West Asia.”The commerce minister also pointed out the broader significance of the deal, saying, “This is Oman’s second FTA directly with a country in nearly 20 years, demonstrating the importance Oman places on the India relationship and India’s commitment to further strengthening it. I am confident today’s signing of the CEPA will mark a new chapter in India-Oman relations.”The upcoming India–Oman CEPA marks an important step in strengthening India’s economic engagement with the Gulf region. It holds particular significance as it is Oman’s second free trade agreement with an individual country and the first such pact the country is entering into in nearly two decades.India, in recent years has signed a range of FTAs, benefiting farmers, traders and exporters. This year, New Delhi signed a CETA with the UK, reducing tariffs on more than 90% of traded goods. In 2024, it concluded a trade and economic partnership agreement with the European Free Trade Association, backed by strong investment commitments. Earlier agreements include the Economic Cooperation and Trade Agreement with Australia and a CEPA with the United Arab Emirates in 2022, as well as an Africa-focused trade pact with Mauritius in 2021.Bilateral trade between India and Oman stood at $8.947 billion in FY 2023–24. In FY 2024-25, the figure rose to $10.613 billion, according to ANI.
