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India Remains Fastest-Growing Major Economy Amid Global Slowdown: PM Modi
India Remains Fastest-Growing Major Economy Amid Global Slowdown: PM Modi In Oman
India's GDP, now the world's fourth-largest, expanded by 8.2 per cent in the quarter ending September, up from 7.8 per cent in the previous quarter.
Muscat: Prime Minister Narendra Modi on Thursday underscored India's robust economic performance, saying the country continues to be the fastest-growing major economy at a time when several leading global economies are facing headwinds. Addressing the Indian diaspora in Muscat during the Maitri Parv programme, PM Modi said India's growth has remained above 8 per cent despite global challenges, pointing to the resilience of the economy.
"A few days ago, economic growth data was released - India's growth has been above 8%. This means India remains the fastest-growing major economy, even as the world faces challenges," the Prime Minister said. He noted that India's trajectory stands out amid a global slowdown. "While the biggest economies struggle for a few per cent growth, India continues at a high growth rate, showcasing the country's capabilities," he added.
India's GDP, now the world's fourth-largest, expanded by 8.2 per cent in the quarter ending September, up from 7.8 per cent in the previous quarter. The growth came despite global economic pressures, including the imposition of steep tariffs on Indian exports by the United States earlier this year. Highlighting India's growing global footprint, PM Modi said the country is emerging as a centre of innovation and talent.
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"India is not only finding solutions to its own problems but also working on how it can resolve the problems of crores of people around the world. Many global brands have benefited from Indian talent," he said. He also drew attention to India's manufacturing capabilities, noting that the country has become the second-largest mobile phone manufacturer globally. "If you are carrying your phone, it must have 'Made in India' written on it," PM Modi said.
Linking India's growth story with its engagement in the Gulf, the Prime Minister said India and Oman share bonds 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 reaching USD 10.5 billion in 2024-25, reflecting expanding economic engagement.
Before concluding his address, PM Modi praised the Indian community in Oman, calling it a "living example" of coexistence and cooperation. "You are the biggest custodian of these centuries-old ties," he said. Later on Thursday, PM Modi departed for India after concluding a substantive visit to Oman, during which the two countries signed a landmark free trade agreement aimed at deepening economic and strategic cooperation.
PM Modi was seen off at the airport by Oman's Deputy Prime Minister for Defence Affairs, Sayyid Shihab bin Tarik Al Said, who greeted him with a namaste while bidding him farewell. The Prime Minister, who arrived in Muscat on Wednesday, held talks with Sultan Haitham bin Tarik, with both leaders reviewing the India-Oman Strategic Partnership and exploring ways to further strengthen bilateral relations.
Expressing gratitude at the conclusion of the visit, PM Modi said, "My gratitude to His Majesty Sultan Haitham bin Tarik, the Government and people of Oman for their affection during this visit. The signing of CEPA was a major outcome, which will benefit the youth of our nations." "We have also covered substantial ground in other futuristic sectors. May India-Oman friendship keep getting more robust in the coming times," he added in a post on X.
Ministry of External Affairs spokesperson Randhir Jaiswal described the visit as one "that touched hearts and strengthened bonds!" "After substantive discussions and achievement of key outcomes, PM @narendramodi departs for India after an eventful four-day visit to Jordan, Ethiopia and Oman," Jaiswal said in a post on X.
Oman marked the final leg of PM Modi's three-nation tour, which also included visits to Jordan and Ethiopia, reflecting India's sustained diplomatic engagement across West Asia and Africa. During the Oman visit, PM Modi was conferred the Order of Oman, the Sultanate's distinctive civilian honour, by Sultan Haitham bin Tarik in recognition of his contribution to strengthening bilateral ties.
In Muscat, PM Modi also witnessed the signing of the free trade agreement, which will provide duty-free access to 98 per cent of India's exports, including textiles, agricultural products and leather goods, in Oman. India will, in turn, reduce tariffs on Omani products such as dates, marbles and petrochemical items. The agreement is expected to come into force in the first quarter of the next calendar year.
Highlighting the significance of the pact, PM Modi said, "Today, we are taking a historic step forward in India-Oman relations, whose positive impact will be felt for decades to come. The Comprehensive Economic Partnership Agreement (CEPA) will energise our ties in the 21st century. It will give new momentum to trade, investment and open new opportunities across different sectors."
The agreement comes at a time when India is facing steep 50 per cent tariffs in its largest export destination, the United States, while Oman remains a key strategic partner and an important gateway for Indian goods and services to the wider region and Africa During their meeting, PM Modi and Sultan Haitham noted that the completion of 70 years of diplomatic relations marked a significant milestone.
"They explored ways to further add greater 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 features 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 PM Modi's second visit to Oman, with the trip carrying added significance as it coincided with the 70th anniversary of the establishment of diplomatic relations between the two countries. Prior to the Oman visit, PM Modi travelled to Ethiopia on his maiden visit to the East African nation, where India and Ethiopia elevated their historical ties to a Strategic Partnership.
He held wide-ranging talks with Ethiopian Prime Minister Abiy Ahmed Ali and witnessed the exchange of several memoranda of understanding. PM Modi also addressed a joint session of the Ethiopian Parliament, during which he described the two countries as "natural partners" in regional peace, security and connectivity.
During the visit, he was conferred Ethiopia's highest honour, The Great Honour Nishan of Ethiopia, becoming the first global head of state to receive the award. In the first leg of the tour, PM Modi visited Jordan, where India and Jordan signed MoUs in the fields of culture, renewable energy, water management and digital public infrastructure, aimed at giving a major boost to bilateral ties and friendship.
Source: ZeeNews
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