NewKerala.com

PM Modi in Oman: How India Changed Its Economic DNA in 11 Years

Prime Minister Narendra Modi addressed a business forum in Muscat, Oman. He declared that India has fundamentally transformed its economic DNA over the past eleven years. Key reforms like the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code were highlighted as major drivers of this change. The visit also focused on strengthening the strategic partnership through a new Comprehensive Economic Partnership Agreement.

Key Points: PM Modi Highlights India's Economic Reforms at Oman Business Forum

  • PM Modi highlights GST for creating a unified national market in India
  • Insolvency and Bankruptcy Code cited for boosting financial discipline and investor confidence
  • New Comprehensive Economic Partnership Agreement (CEPA) to energize India-Oman trade ties
  • Visit marks 70 years of diplomatic relations, seen as a stepping stone for future cooperation
3 min read

'In the last 11 years, India has changed its economic DNA': PM Modi at India-Oman Business Forum

PM Modi tells Oman business forum that India has changed its economic DNA in 11 years through major reforms like GST and the Insolvency Code.

"Over the past 11 years, India has not just changed policies, India has changed its economic DNA. - Prime Minister Narendra Modi"

Muscat, December 18

Prime Minister Narendra Modi participated in the India-Oman Business Forum on Thursday and highlighted the several reforms which India has initiated in the last 11 years that have made it one of the most competitive markets in the world. Highlighting the importance of CEPA, he underlined that it would give new confidence to the partnership.

PM Modi expressed confidence in the Summit and said that it would give a new direction and speed to the India-Oman partnership and help it soar greater heights.

"Over the past 11 years, India has not just changed policies, India has changed its economic DNA."

He highlighted several initiatives like the Insolvency and Bankruptcy Code and GST, which have made strides of development in the country.

"GST transformed the whole of India into one integrated, unified market. The Insolvency and Bankruptcy Code brought financial discipline... it promoted transparency... and this strengthened investor confidence," he said

Speaking to the delegation members, he underscored, "Between Mandavi and Muscat, the Arabian Sea is a strong connecting bridge. It has strengthened our ties, given power to culture and economy".

"Today we are taking an important decision which will be remembered for the times to come. CEPA, will give our partnership new confidence and new energy in the 21st century. It is a blueprint of our future, will give new speed to our trade and open new opportunities for investment in every sector", PM Modi said.

"Our businesses represents our trade. You are the holders of the legacy which has a prosperous history of years. From the beginning of civilisations, our ancestors had been involved in maritime trade."

He added, "Today we can say with faith that while the waves of the ocean change, seasons change but the friendship between India-Oman grows stronger in every season and reaches new heights with every wave"

PM Modi highlighted how the relationship is built on a foundation of trust that has deepened further with the passage of time. "Today are diplomatic ties are marking 70 years. This is not just a celebration but the stepping stone from which we have to take forward our ancient prosperous legacy".

Prime Minister Narendra Modi reached Muscat, Oman on Wednesday, on a two-day visit in the last leg of his three-nation tour. He arrived in Oman after completing his successful visits to Jordan and Ethiopia.

The two-day visit is taking place at the invitation of Sultan Haitham bin Tarik and is expected to focus on strengthening the Strategic Partnership. During the visit, the Prime Minister is slated to engage with the Omani leadership, with particular emphasis on enhancing cooperation in commercial and economic domains.

- ANI

Share this article:

Reader Comments

S
Sarah B
While the reforms are praised, the "changed economic DNA" needs to translate into more stable jobs and less inflation for the common person. The focus on big partnerships is good, but ground-level economic security is what truly changes lives.
V
Vikram M
The historical connection he mentioned is so true! From Mandvi to Muscat, the Gujarati community has had deep trade links for centuries. CEPA will formalize and boost what our ancestors built. Jai Hind!
R
Rohit P
Hope this opens up more opportunities for Indian professionals in Oman, especially in IT and healthcare. The 70-year diplomatic milestone is a proud moment. Forward together!
K
Kavya N
The phrase "friendship grows stronger in every season" is beautiful. Oman has always been a friendly neighbor. Strong economic partnerships like this are key for India's global standing. More power to our entrepreneurs!
M
Michael C
As someone working in international trade, I've seen investor confidence in India improve. The IBC brought much-needed structure. A comprehensive partnership with Oman can be a model for the wider Gulf region.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50