Nicosia (Cyprus): Prime Minister Narendra Modi on Sunday underlined India’s impressive economic progress and growth potential while addressing the India-Cyprus CEO Forum, highlighting the country’s transformation into one of the world’s leading emerging economies.
Speaking at the forum, PM Modi said India has become the fifth-largest economy globally and is steadily advancing towards becoming the third-largest economy.
“…In the last one decade, India has become the fifth largest economy of the world and in the very near future, we are moving very fast towards becoming the third largest economy of the world. Today, India is one of the fastest-growing emerging economies in the world… Today, India has a clear policy…,” said PM Modi.
Digital Revolution and UPI Expansion
The Prime Minister emphasised India’s remarkable digital transformation over the past decade, noting that 50% of global digital transactions now occur in India through the Unified Payments Interface (UPI), boosting financial inclusion and technological innovation.
“It has happened after 6 decades that the same government has been elected for the third consecutive time. There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this. Today, 50 per cent of the world’s digital transactions take place in India through Unified Payments Interface i.e. UPI,” he said.
PM Modi also welcomed ongoing discussions to extend UPI services to Cyprus, similar to France:
“Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it,” he added.
Infrastructure, Manufacturing, and Innovation Push
The Prime Minister highlighted India’s focus on futuristic infrastructure development, noting that over $100 billion is being invested annually in sectors such as manufacturing, ports, shipbuilding, and civil aviation.
“We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India. In this year’s budget, we have started the Manufacturing Mission. Our focus is on maritime and port development. We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this. The civil aviation sector is also moving forward rapidly. Innovation has become a strong pillar of India’s economic strength. Our more than 1 lakh startups sell solutions, not just dreams…,” PM Modi stated.
India’s Manufacturing Mission aims to promote industries such as electronics, semiconductors, biotechnology, and green technology, with the goal of making the country a global hub for these sectors.
Invitation to Investors and Reforms for Ease of Business
PM Modi invited Cyprus and other international investors to participate in India’s growth story by co-developing, co-designing, and co-producing within the country.
“Many Indian companies have also seen Cyprus in Cyprus and in a way Cyprus as a gateway to Europe. Today mutual trade has reached 150 million dollars. But the real potential of our relationships is much more than that. Most of you are associated with India,” he said.
Stressing India’s pro-business reforms, the Prime Minister outlined improvements such as tax reforms, decriminalisation of outdated laws, and a stronger focus on the ease and trust of doing business.
“Friends, you know very well that we have done tax reforms. One nation, one tax system has been introduced with GST. Corporate tax has been made. We have done the work of decriminalizing thousands of laws. We have given equal emphasis on ease of doing business as well as trust of doing business. Today India has a clear policy. Along with this, there is also a stable policy,” PM Modi explained.
First Visit in Over Two Decades
Noting the significance of his visit, PM Modi stated this was the first time in 23 years that an Indian Prime Minister had visited Cyprus, and that his first event—a business roundtable—demonstrated the importance India places on economic ties.
“After twenty-three years, the Prime Minister of India has arrived in Cyprus. And the first program is being organised for the Business Round Table. This is an indication of the importance of people’s association with the economic world in the relationship between India and Cyprus. I have listened very carefully to your thoughts,” he said.
PM Modi appreciated Cyprus’ commitment to boosting economic relations:
“I have realized your commitment to India Cyprus economic ties. Just in your thoughts. Not a possibility. I also feel the resolution. There is immense potential for advancement in our relationship. Cyprus has been our trusted partner for a long time, which you also mentioned. And significant investment has also been made in India from here,” he remarked.
Green Future and Sustainable Growth
PM Modi reaffirmed India’s commitment to a green and sustainable future, pledging progress in renewable energy, green shipping, and carbon neutrality for Indian Railways by 2030.
“India believes, and we are committed to paving the way for a clean and green future. By 2030, we are moving very fast toward the target of 500 gigawatts of renewable energy. Growth of green shipping and up to 2030. They are working fast to make the railways 100% carbon neutral. AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, Nuclear Power Mission are becoming the new engine of our growth engine,” he said.
PM Modi’s visit to Cyprus from June 15-16 came at the invitation of President Nikos Christodoulides, marking a key moment in strengthening bilateral economic and strategic ties.