In a recent address to the Indian diaspora in Oman, Prime Minister Narendra Modi reiterated India's commitment to the principle of "Make in India, Make for the World," emphasizing the country's growing manufacturing capabilities and its role in providing global solutions. Modi highlighted that India is rapidly scaling new heights of development, driven by the strength of its diversity and its ability to serve as a model for coexistence and cooperation.
The Prime Minister underscored his government's focus on strengthening the manufacturing sector alongside India's established success in IT and IT-enabled services. He cited the country's advancements in critical areas like chips-manufacturing, quantum computing, and green hydrogen as examples of India's dedication to solving its own challenges while simultaneously contributing to global well-being.
Modi emphasized that India's "Make in India" initiative has created a favorable environment for both global and domestic manufacturers. This initiative aims to integrate India into the global supply chain and empower Indian companies to excel in the international market. The government has implemented various reforms to improve the ease of doing business, streamlining regulations and promoting a conducive environment for businesses to thrive. These reforms include single-window clearances, minimized procedures, and the reduction of bureaucratic obstacles.
India's commitment to "Make in India, Make for the World" is built on four pillars: new processes, new infrastructure, new sectors, and a new mindset. The focus on new processes involves deregulation and delicensing of industries to promote entrepreneurship. The development of modern infrastructure, including industrial corridors and smart cities, is crucial for industry growth. The initiative also identifies and promotes key sectors in manufacturing, infrastructure, and services, opening them up for Foreign Direct Investment. A shift in mindset, with the government acting as a partner in economic development rather than just a regulator, is also essential.
PM Modi, during his address at the India-Oman Business Forum in Muscat, called upon business leaders to fully utilize the India-Oman Comprehensive Economic Partnership Agreement (CEPA). He described it as a blueprint for the shared future of both nations, emphasizing its potential to boost bilateral trade and investment, and generate opportunities for innovation, employment, and mutual growth. He also proposed the creation of an India-Oman Agri Innovation Hub and an India-Oman Innovation Bridge to further enhance the business partnership.
Furthermore, Modi highlighted India's economic achievements, noting its trajectory towards becoming the world's third-largest economy, driven by next-generation reforms, policy predictability, good governance, and strong investor confidence. He emphasized India's impressive growth rate of over 8% in the last quarter, achieved amidst global uncertainty, as evidence of the country's resilience and inherent strengths.
The Prime Minister also acknowledged the significant role of the Indian diaspora in Oman, recognizing them as a living embodiment of coexistence and cooperation. He praised Oman's monarchy for their support and highlighted the strong historical ties between the two countries, strengthened by trade, education, and cultural exchange.
In recognition of his efforts to strengthen ties between India and Oman, Prime Minister Modi was conferred with the Order of Oman, the country's highest civilian honor. This further solidifies the strategic partnership between the two nations, built on a foundation of stability, growth, and shared prosperity.
