From GST to CEPA: 'India changed its economic DNA' says PM Modi at Oman business forum - WION
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PM Modi told the India-Oman Business Forum that India has changed its “economic DNA” through reforms like GST and bankruptcy law, boosting transparency and investor trust. He called the proposed India-Oman CEPA a game changer that will speed up trade, investment and long-term partnership.
Prime Minister Narendra Modi on Thursday (Dec 18) highlighted India's economic reforms and growing global competitiveness while addressing the India-Oman Business Forum in Muscat, calling the proposed Comprehensive Economic Partnership Agreement a turning point in bilateral ties. Speaking to business leaders from both countries, Modi said India had fundamentally reshaped its economy over the past decade.
India changed its economic DNA: Modi
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"Over the past 11 years, India has not just changed policies, India has changed its economic DNA," he said while addressing the forum. He pointed to reforms such as the Goods and Services Tax and the Insolvency and Bankruptcy Code, saying they had brought transparency. "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.
Modi described the Arabian Sea as a historic bridge linking the two nations, noting centuries-old maritime and cultural ties. "Between Mandavi and Muscat, the Arabian Sea is a strong connecting bridge. It has strengthened our ties, given power to culture and economy," he said.
Calling CEPA "an important decision which will be remembered for the times to come," Modi said the agreement would give "new confidence and new energy in the 21st century".
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"It is a blueprint of our future, will give new speed to our trade and open new opportunities for investment in every sector," he added.
PM hails India-Oman ties
Modi also noted that India and Oman are marking 70 years of diplomatic relations this year, calling it both a celebration and a launchpad for deeper cooperation.
The prime minister arrived in Oman on Wednesday for a two-day visit at the invitation of Sultan Haitham bin Tarik. The visit, the final leg of his three-nation tour after Jordan and Ethiopia, is focused on strengthening the India-Oman strategic partnership, with a strong emphasis on economic and commercial ties.