PM Modi Highlights India's Digital Leap at India-Cyprus CEO Forum
During his visit to Cyprus, Prime Minister Narendra Modi underscored India's remarkable economic growth and digital transformation, revealing that half of the world's digital transactions now occur through India's Unified Payments Interface (UPI). This milestone reflects India’s advancement as a global technology powerhouse and a leading emerging economy.
A Transformative Economic Journey
Addressing the India-Cyprus CEO Forum in Limassol, the Prime Minister outlined India’s rapid climb as the fifth-largest economy globally, with ambitions to secure the third spot soon. Highlighting ongoing tax reforms, including the implementation of GST and corporate tax adjustments, Modi emphasized the government's dedication to simplifying business processes and fostering investor confidence.
"We have introduced one nation, one tax, and streamlined thousands of laws to promote ease of doing business and build trust," Modi asserted, stressing the importance of clear and stable policy frameworks for sustained economic growth.
Strengthening India-Cyprus Economic Ties
Marking the first Indian prime ministerial visit to Cyprus in over two decades, Modi acknowledged the strategic role Cyprus plays as a gateway to Europe for many Indian enterprises. While bilateral trade currently stands around $150 million, the Prime Minister emphasized untapped potential awaiting exploration.
"Cyprus has been a trusted partner, and there's immense scope to deepen our economic collaboration," he said, inviting Cyprus to join the expanding UPI network alongside countries like France.
India’s Digital Revolution: UPI at the Forefront
Central to India's economic story is its digital transformation. Modi revealed that approximately 50% of global digital transactions now flow through UPI, a testament to India's innovation in financial technology. This revolution has driven unprecedented financial inclusion, fostering transparency and convenience across the nation.
Modi welcomed ongoing discussions to extend UPI services to Cyprus, signaling a new chapter of digital cooperation between the two countries.
Building Future-Ready Infrastructure and Industry
The Prime Minister detailed India’s ambitious Manufacturing Mission designed to position the country as a global leader in sectors like electronics, semiconductors, biotechnology, and green technologies. He highlighted investments exceeding $100 billion annually in futuristic infrastructure development, covering maritime ports, shipbuilding, and a booming civil aviation sector.
"Our start-up ecosystem thrives with over 100,000 enterprises, many of which are now unicorns, delivering tangible solutions to market challenges," Modi added, underscoring innovation as a core pillar of India’s growth.
Commitment to Sustainable and Green Growth
Addressing sustainability, Modi reiterated India’s dedication to environmental responsibility, aiming for 500 gigawatts of renewable energy by 2030 and carbon-neutral railways in the near future. Missions centered on artificial intelligence, quantum computing, semiconductors, and nuclear energy are driving a comprehensive growth agenda aligned with ecological balance.
A Forward-Looking Partnership
Modi’s visit reflects a renewed focus on deepening India-Cyprus relations through economic collaboration and technological exchange. By inviting investors to engage in co-development and co-production, he emphasized India's conducive policies and expanding talent pool as key advantages.
This engagement sets the stage for enhanced bilateral cooperation, especially in digital payments, manufacturing, and sustainable development initiatives.
