Muscat – Indian business leaders and representatives of industry chambers have underlined the growing depth of India–Oman economic relations and pointed to significant growth opportunities across multiple sectors as Prime Minister Narendra Modi visits Oman on December 17-18.
In a report published by ANI, Naveen Jindal, Chairman of Jindal Steel, said the Prime Minister Modi’s visit has generated widespread enthusiasm in the sultanate.
“This is a very big moment that India’s Prime Minister, Narendra Modi, is coming to Oman. People here are very happy. Not only Indians, but Omanis are also inspired and keen to listen to him,” Jindal told ANI.
Referring to bilateral trade between Oman and India, Jindal said trade between the two countries currently stands at around $10bn and could double in the coming years, benefiting both countries.
He highlighted India’s strengths across several sectors, including manufacturing, automobiles, information technology and agriculture, noting that Indian products such as basmati rice are particularly popular in Oman. Jindal also spoke about strong cultural ties, saying Indian cinema has a deep influence in the country. “People here are very familiar with Indian films and actors, including our older generation of stars,” he said.
On Jindal Steel’s operations in Oman, he said the company entered the market 15 years ago and has invested more than $3bn so far, with plans to increase this investment to $7–8bn.
“We currently produce about 3.25mn tonnes of steel in Oman, which has helped the country become steel self-sufficient and also export steel,” he said, adding that the group aims to double capacity, including the production of green steel.
Sangita Reddy, Joint Managing Director of Apollo Hospitals Group, highlighted the importance of trade agreements in expanding market access.
“Continued trade agreements will enhance market access for Indian manufacturers and businesspeople,” she told ANI, noting that a large Indian business delegation is accompanying Commerce and Industry Minister Piyush Goyal. She added that there is strong anticipation surrounding the Prime Minister’s arrival in Muscat following his visit to Jordan.
Reddy described India–Oman relations as long-standing and positive, noting that around 70% of bilateral trade is linked to oil.
Referring to Oman Vision 2040, she said the country is seeking to expand its manufacturing base and attract Indian companies to set up operations locally.
She also highlighted healthcare cooperation, noting that Apollo Hospitals has been receiving patients from Oman for many years. “The Heal in India mission has been active with Oman for over two decades,” she said, adding that discussions are under way to establish advanced diagnostic capabilities in areas such as mRNA, biomarkers and genetic testing.
R Mukundan, Managing Director and CEO of Tata Chemicals, said India and Oman share a “very friendly and positive business relationship”.
He noted that bilateral trade of about $10bn is growing at nearly 19–20% year on year and highlighted Oman’s strategic role as a hub linking South Asia, South-East Asia and East Africa, supported by ports such as Duqm, Salalah and Sohar.
“Tata companies are very much part of the ecosystem here, through services, trading relationships and project implementation, and we will continue to expand,” Mukundan said.
Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, said the GCC represents a major market and that collaboration between industries is expanding.
Sanjay Nayar, former President of Assocham, said the initiative of a free trade agreement launched in 2023 is now reaching an important milestone. He said bilateral trade of about $10bn could easily triple or even quadruple after the free trade deal. He also stressed the need to attract Omani investment into India, citing predictable government policies and a thriving capital market.
Nirmal K Minda, President of Assocham and Managing Director of Minda Industries, identified priority sectors for cooperation, including energy, logistics and tourism, all of which he said hold strong potential.
Ahead of the visit, India’s Ministry of External Affairs said Prime Minister Modi is visiting Oman at the invitation of His Majesty Sultan Haitham bin Tarik, coinciding with the 70th anniversary of diplomatic relations.
The ministry said bilateral trade in Indian financial year 2024–25 stood at $10.61bn and highlighted cooperation across trade, defence, maritime security, energy, health and technology. Prime Minister Modi is expected to hold comprehensive talks, address business leaders and the Indian community, and oversee the signing of several agreements during the visit.
