In last 11 years, India has changed its economic DNA, says PM Modi

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.