Warmest greetings and good wishes to all Indians and friends of India in Oman on the occasion of the 74th Republic Day of India!

I take this opportunity to convey my gratitude to the Government and kind people of Oman for their continued support and cooperation. I also thank and commend the Indian community in Oman for the goodwill and respect they have earned in the Omani society and for their role in strengthening ties between India and Oman.

This Republic Day is special as India also holds the G20 Presidency, igniting hopes of re-kindling international cooperation to tackle the most important issues of our times. India is honoured to have invited Sultanate of Oman as one of its special guests during its G-20 Presidency. This is not just a symbol of the time-tested friendship between India and Oman, but also opens up new possibilities for deepening cooperation between our two countries.

As we emerge from the pandemic and enter a new era – uncertain and promising at the same time – the world is looking for new opportunities.

In September 2022, as the news came in that India had surpassed the UK to become the fifth largest economy in the world, it didn’t come as a surprise. Instead, there was a sound of inevitability to it. As the world goes through a turbulent, uncertain time, India today is the lone bright spot on the horizon.

Ten years ago, the Indian GDP was the 11th largest in the world. It is the fifth largest now.

In another five years, India is expected to become the world’s 3rd largest economy, surpassing Japan and Germany, and have the 3rd largest stock market by 2030.

Morgan Stanley predicts that India’s GDP could more than double from US$3.5tn today to surpass US$7.5tn by 2031, and India’s share of global exports will double. The Bombay Stock Exchange is expected to have a market capitalisation of US$10tn in another ten years.

Morgan Stanley also estimates that from next year, India will be one of only three economies in the world to generate more than US$400bn worth of economic output growth annually, rising to over US$500bn each year after 2028.

The Indian story is important in the context of Oman. With solid fundamentals and wise leadership, Oman stands at the cusp of a new phase of socio-economic progress, a new take-off point towards His Majesty’s salutary ‘Vision 2040’.

For Oman, India presents not one or two but five distinct opportunities. An investment opportunity; a trading opportunity; a digital transformation opportunity; an energy transition opportunity; and a tourism opportunity.

First Opportunity – Investment

Oman is home to over 6000 India-Oman joint ventures with an estimated investment of over US$7.5bn.

As Oman now seeks to double down on the priorities of Oman Vision 2040, tapping investments from a capital-rich Indian corporate sector could provide it with the resources needed to make this vision a reality.

Likewise, a rising Indian economy with a pro-active Government policy of attracting FDI and promoting manufacturing, coupled with a massive domestic market with a very young demography, is a compelling case for Omani capital investments.

The world is making a beeline for India. Oman also seeks to scale up its engagement with the most dynamic economy in the world.

Second Opportunity – Trade

India today is an exporting powerhouse. India’s merchandise exports crossed US$400bn for the first time earlier this year. Renewed energy in discussions on FTAs has given new momentum to India’s trade links with the world. A landmark India-UAE Comprehensive Economic Partnership Agreement (CEPA) has galvanised India-GCC negotiations on a region-wide FTA.

India-Oman two-way trade in 2021-22 was nearly 90% higher than the previous year, touching about US$10bn. In the first six months of this financial year, the bilateral trade is already higher than the annual figures recorded in 2021, 2020, 2019, and 2018. India’s massive consumer market offers a ready market for anything and everything that Oman produces.

India has also been a reliable supplier to Oman, and the recent instance of wheat supplies to counter the effects of ongoing conflict is a case in point. Expanding imports of good quality affordable products will enrich the Omani trade basket and benefit the Omani people. This is a low-hanging fruit.

Third Opportunity – Digital Transformation

In 2021, 40 per cent of all real-time digital payments worldwide took place in India; at 48bn transactions, it was three times that of China and more than six times that of the US, Canada, UK, France, and Germany combined.

India’s Unified Payments Interface (UPI) processed payments worth more than US$1tn in FY22, and in March 2022, India crossed the milestone of 5bn monthly transactions on this platform.

India’s digital transformation presents enormous potential for cooperation. In this context, the recent signing of a landmark MoU between the Central Bank of Oman and the National Payments Corporation of India has helped lay the foundation.

Fourth Opportunity – Energy Transition

As the world hurtles towards a climate catastrophe, India and Oman have taken bold steps to decarbonise their economies and build a green future. India is the only G-20 country to achieve its Paris targets on climate change before time. We have now taken on enhanced targets, in line with our commitment to mainstreaming sustainability and reducing carbon footprint.

Today India is a market leader in solar and wind energy, and Indian companies are scouting for opportunities worldwide to scale up. It is no surprise that the first company to invest in Green Hydrogen in Oman is Indian. This is in perfect synergy with Oman’s ambitions to emerge as a Green Hydrogen powerhouse. India and Oman can write the next chapter of the global journey towards a cleaner future together.

Fifth Opportunity – Tourism

Incredible India – the tourism mega-store continues to attract Omanis in large numbers. But much less known is the fact that Incredible India is also a major outbound tourist generator. Over 26mn Indians leave the borders every year. India’s young and the restless are imaginative and adventurous travellers, and Indian tourists now travel worldwide.

This Indian outbound tourism boom presents a massive opportunity for Oman. With just over two hours of flight time separating us and the vast cultural and culinary connection joining us, the immense natural beauty of Oman and its rich and friendly culture can be easily translated into doubling or quadrupling Indian tourists coming to Oman.

India has been a close friend of Oman in its Renaissance of the past 52 years. India is eager to partner with Oman to speed up its renewed renaissance in the next 52.

India is an opportunity for the future.

India is an opportunity for Oman.

An opportunity for India and Oman to jointly script a better, brighter future for our people.

H E Amit Narang
Ambassador of India to Oman