Prime Minister Narendra Modi has declared that India has fundamentally altered its economic character, achieving a growth rate exceeding 8 percent despite facing significant global headwinds. He made these remarks while addressing the India-Oman Business Summit in Muscat on December 18, 2025.
Resilient Growth and a Transformed Economy
Positioning India as the world's fastest-growing major economy, PM Modi stated that the nation's economic DNA has been reshaped over the past eleven years. This transformation, he emphasized, is the bedrock of its current resilience. India's growth story is not happening in isolation but benefits its partners, particularly close friends and maritime neighbours like Oman.
The India-Oman CEPA: A New Gateway for Trade
A central pillar of the discussions was the upcoming India-Oman Comprehensive Economic Partnership Agreement (CEPA). PM Modi described this pact as a major confidence booster for 21st-century relations, infusing fresh energy and ambition into the bilateral relationship. The agreement is poised to dismantle trade barriers and enable duty-free access for a wide range of goods and services.
Commerce Minister Piyush Goyal, who was also present, elaborated on the deal's strategic importance. He stated that the CEPA would unlock a diversified and ambitious future, effectively positioning Oman as India's gateway to the wider regions of West Asia and Africa. This move is expected to significantly amplify the existing bilateral trade, which has already crossed the $10 billion mark.
A Turning Point in Gulf Engagement
The summit in Muscat is being viewed as a pivotal moment in India's economic engagement with the Gulf region. The combination of robust domestic growth and proactive trade diplomacy signals a new phase of outward-looking economic policy. The CEPA with Oman is more than a trade deal; it is a strategic alignment that promises to enhance economic integration and create new supply chain corridors.
PM Modi's message was clear: India's strong economic performance is a stable foundation upon which deeper, mutually beneficial international partnerships can be built. The agreement with Oman stands as a testament to this approach, promising to bring tangible benefits to businesses and consumers in both nations.
