Prime Minister Narendra Modi on Thursday attended the India-Oman Business Forum and highlighted the wide-ranging economic reforms undertaken by India over the last 11 years, which he said have transformed the country into one of the most competitive markets globally.
Emphasising the significance of the Comprehensive Economic Partnership Agreement (CEPA), the Prime Minister said it would provide renewed confidence and momentum to the India-Oman partnership.
“Over the past 11 years, India has not just changed policies, India has changed its economic DNA,” PM Modi said.
He cited reforms such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) as key drivers of economic transformation.
“GST transformed the whole of India into one integrated, unified market. The Insolvency and Bankruptcy Code brought financial discipline, promoted transparency, and strengthened investor confidence,” he said.
Addressing business leaders from both countries, PM Modi highlighted the historical and cultural links between India and Oman.
“Between Mandvi and Muscat, the Arabian Sea is a strong connecting bridge. It has strengthened our ties and supported both culture and economy,” he said.
Calling CEPA a landmark decision, the Prime Minister said it would shape the future of bilateral economic cooperation.
“Today we are taking an important decision which will be remembered for times to come. CEPA will give our partnership new confidence and new energy in the 21st century. It is a blueprint for our future, will accelerate trade, and open new investment opportunities across sectors,” he added.
Referring to the long-standing maritime and commercial ties between the two countries, PM Modi said Indian and Omani businesses carry forward a legacy rooted in centuries of trade.
“Our businesses represent our trade. You are the custodians of a legacy with a long and prosperous history. From the beginning of civilisations, our ancestors were involved in maritime trade,” he said.
He further noted that the bilateral relationship has been built on trust and has grown stronger over time.
“While waves and seasons change, the friendship between India and Oman grows stronger in every season and reaches new heights with every wave,” PM Modi said.
Highlighting a key diplomatic milestone, the Prime Minister said the two countries are marking 70 years of diplomatic relations.
“This is not just a celebration, but a foundation from which we must carry forward our ancient and prosperous legacy,” he added.
The India-Oman CEPA marks a significant milestone in the two countries’ millennia-old relationship, with Commerce Minister Piyush Goyal describing it as a “watershed moment” and the culmination of a shared vision for a mutually prosperous future.
Speaking at the Summit, Goyal said the agreement concludes years of sustained engagement and is expected to improve market access, boost investments and deepen cooperation across key sectors.
The CEPA holds particular importance for Oman as it is only the country’s second free trade agreement with an individual nation and the first such pact in nearly two decades, underlining India’s growing role as a strategic trade and investment partner.
The agreement is also expected to support trade diversification and strengthen supply chain resilience at a time of global economic realignment, aligning with India’s broader push to expand its free trade network to drive domestic growth and enhance global market access for Indian businesses.
(ANI)
