Oman

India and Oman are set to deepen their economic partnership through a proposed trade pact aimed at expanding bilateral commerce and enhancing market access for exporters. The agreement is expected to reduce tariff and non-tariff barriers, streamline customs procedures, and encourage greater investment flows between the two economies. For India, the pact could open new avenues for exports across manufacturing, agriculture, and services, while offering Omani businesses improved access to one of the world’s fastest-growing large markets.

India is actively pursuing trade agreements with the United States, European Union, and Oman, according to Commerce and Industry Minister Piyush Goyal. The initiatives aim to enhance market access, boost bilateral trade, and strengthen economic collaboration with key global partners. Officials emphasize that such pacts will create new opportunities for Indian exporters, improve investment flows, and promote sectoral competitiveness. Analysts note that these negotiations reflect India’s commitment to strategic economic diplomacy, balancing domestic priorities with global engagement.

Jindal Steel & Power Ltd (JSPL) has announced a landmark investment of approximately Rs. 48,000 crore to establish a state-of-the-art green steel plant in Oman, marking one of the largest overseas commitments by an Indian steelmaker. The facility, designed to produce five million tonnes per annum (MTPA) of high-grade steel, will be powered by renewable energy sources and integrate cutting-edge hydrogen-based technologies.

The Air India Group, comprising Air India and Air India Express, has adjusted its operational strategy in response to rising geopolitical instability in the Middle East. As tensions escalate, the carrier has opted to reroute flights to avoid Iranian, Iraqi, and Israeli airspace—actions that are expected to lengthen travel times. Additionally, Air India Express has begun cancelling select Middle East-bound services, citing low passenger load factors and operational constraints.

As part of its ambitious tourism strategy, Oman is focusing on attracting international tourists, particularly from India, with a goal to draw 11.7 million visitors annually by 2040. The country is keen on capitalizing on historical ties with India, which has consistently been one of its key tourist markets. Oman’s tourism efforts are aligned with its Vision 2040, emphasizing sustainable growth, preservation of cultural heritage, and the development of eco-friendly attractions.