4th TAS Conclave

December 19, 2024

Address by Ambassador Amit Narang

India: Walking the Talk, Ahead of the Curve

HH Dr. Taghreed bint Turki Al Said 

HH Sayyid Dr Adham Al Said

HH Sayyida Hujaija Al Said

Hon. Dr Shamsa Al Sheibani, Member of the State Council,

Distinguished dignitaries,

Ladies and Gentlemen, 

Good Morning, As Salam Walekum, Namaskar,

At the outset I wish to thank Mr. Nishad Padiyarath, Founder and CEO of Arabian Stories for inviting me to this distinguished forum and it is a privilege to be able to share some thoughts with this distinguished gathering.

The TAS Conclave has become one of important annual forums in Muscat, fostering dialogue and deliberation among key policymakers and leaders and promoting cooperation. 

Ladies and Gentlemen,

The story of the rise of New India is now relatively well known and accepted. 

India’s rapid economic transformation over the past 10 years has made it the central engine of global growth. 

In just 10 years, India has gone from being the 11th largest to 5th largest economy in the world and well poised to overtake Japan and UK to become the 3rd largest economy in the world in another 2 years. 

Between 2014 and 2024, India has added more than $1.9 trillion to its GDP, reflecting the impact of structural reforms, digital empowerment, and an increasingly skilled workforce. 

This period of sustained progress has lifted over 270 million people out of poverty, while establishing India as a global powerhouse across industries ranging from technology and manufacturing to renewable energy and space exploration.

But I would like to start by talking about ethanol. More specifically, the blending of ethanol in petrol to achieve green growth objectives.

In 2014, India’s ethanol blending percentage was a paltry 1.4%. As a result of favorable market dynamics, technology advancements, and supportive government policies, India’s ethanol blending has reached 15% this year and the target of 20% blending, initially set for 2030 has now been advanced to 2025. 

This remarkable transformation has not only added to the incomes of India’s farmers and saved precious foreign exchange but more importantly has helped save over 54 million metric tons of CO2 emissions.

In just over a decade, India is among the global market leaders today in ethanol production and blending. We have now taken the initiative to put together a Global Biofuels Alliance and we have invited Oman to join.

Ladies and Gentlemen,

The purpose of sharing this story is to show how India is not just walking the talk but is also ahead of the global curve.

In our global quest for sustainability and climate action, India is the only G-20 country to have achieved its Paris commitments a full 9 years ahead of target.

India’s non-fossil fuel energy has already reached 40% of our energy mix and we have now enhanced our target by aiming to achieve non-fossil fuel energy capacity to 500 GW by 2030. 

We will reduce total projected carbon emissions by one billion tonnes from now till 2030 and meet 50 percent of its energy requirements from renewable energy by 2030.

Just like Oman, India also has a very ambitious National Green Hydrogen Mission with a target to produce 5 million metric tonnes of green hydrogen annually by 2030. 

For us GH2 or Green Hydrogen is not merely a target. Implementation has already started on the ground.

India’s first 1,500 MW multi-purpose green hydrogen pilot project was inaugurated earlier in April this year and India’s first Green Hydrogen Fuel Cell Bus was flagged off last year.

Friends,

A similar trend of India walking the talk and being ahead of the global curve is evident in several other areas.

In digital finance for example, India’s model of digital public infrastructure is increasingly becoming a global template for digital and financial inclusion. 

India’s Unified Payments Interface (UPI) has revolutionized digital transactions in India, making the country a global leader in real-time payments. In 2023, UPI processed 89 billion transactions worth near 140 trillion rupees, representing a staggering 70% of all digital transactions.

The success of UPI has encouraged the adoption of other digital payment platforms like RuPay, which now accounts for a significant number of card transactions in India. 

These platforms, coupled with the government’s push for financial inclusion through the Jan Dhan Yojana or the People’s Wealth Scheme, have significantly expanded formal banking access. In just the past one year, more than 33 million new bank accounts were opened with the total now exceeding half a billion.

India’s digital transformation has been underpinned by the rapid proliferation of internet access. Over 850 million Indians—more than 60% of the population—are now internet users, making India the second-largest online market in the world.

India’s digital story is matched by the story of the fabled Indian innovation.

India is now the third-largest startup ecosystem globally, with over 100 unicorns—startups valued at over $1 billion.

In 2023 alone, Indian startups attracted $30 billion in funding, with sectors like fintech, edtech, and health-tech leading the charge. 

The Indian innovation story is yet another marker of how today India is not just a major player in the global success story but is in fact leading the pack in moving the world towards a more technology-driven, sustainable and inclusive world.

As the world looks toward the future therefore, it is clear that India will not just be a participant but a leader. Our story is not just one of growth but of resilience, innovation, and shared prosperity.

Friends,

India’s growth story has important implications for Oman, a country that has always been regarded as a beacon of stability and peace in the region.

Today, under the visionary leadership of His Majesty Sultan Haitham bun Tarik, Oman is taking resolute steps towards the fulfillment of Oman Vision 2040.

Meaningful international partnerships will be relevant and necessary for the realization of this ambitious journey.

It is well worth remembering that as the people of Oman take collective steps towards a more skillful, innovative, and green future, there is a 1.4 billion strong market and the world’s largest growth story just 2 hour flight away from Muscat.

It is our firm belief that India and Oman will jointly create a prosperous future for their people. It is our firm commitment that India is a natural partner for Oman in the fulfillment of His Majesty’s Vision 2040.

Let us join hands to create an inclusive, harmonious and prosperous future for our two countries and the whole world.

Thank you.