India's Economic Rise Highlighted by PM Modi in Cyprus
On June 15, 2025, Prime Minister Narendra Modi emphasized India's accelerating economic growth during a business roundtable in Limassol, Cyprus. Speaking alongside Cypriot President Nikos Christodoulides, PM Modi confidently projected that India is poised to become the world's third-largest economy in the near future.
Rapid Transformation and Reforms Driving Growth
PM Modi pointed to the nation's dynamic economic transformation over the past 11 years, crediting next-generation reforms, stable governance, policy predictability, and improvements in ease of doing business as key catalysts for growth. Underlining India's position as the fastest-growing major economy globally, he highlighted progressive measures such as tax reform, the Goods and Services Tax implementation, corporate tax rationalization, and legal decriminalization, all aimed at fostering business trust.
Opportunities Across Diverse Sectors
The Prime Minister expressed optimism about expanding cooperation between India and Cyprus, citing sectors like civil aviation, port operations, shipbuilding, digital payments, and green development as burgeoning fields with myriad partnership possibilities. He noted India's skilled workforce, thriving start-up ecosystem, and cutting-edge advances in manufacturing, artificial intelligence, quantum computing, semiconductors, and critical minerals as vital components fueling the nation's growth story.
Strengthening Bilateral Business Relations
Highlighting the significance of the first Indian prime ministerial visit to Cyprus in 23 years, Modi stressed the importance of the business roundtable as a testament to the role of business leaders in deepening India-Cyprus relations. He acknowledged Cyprus’s strategic role as a gateway to Europe and a hub for IT services, financial management, and tourism, inviting Cypriot companies to explore investment opportunities in India.
Innovations in Financial Collaboration
The two nations marked progress with the signing of a Memorandum of Understanding between the NSE International Exchange in GIFT City, Gujarat, and the Cyprus Stock Exchange. Additionally, an understanding between NPCI International Payments Limited (NIPL) and Eurobank Cyprus aims to introduce the Unified Payments Interface (UPI) system for cross-border transactions, benefiting both tourists and businesses.
Trilateral Cooperation and Future Agreements
PM Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which paves the way for collaboration in shipping, logistics, renewable energy, civil aviation, and digital services. As Cyprus prepares to take the helm of the European Union Council next year, both leaders reaffirmed their commitment to strengthening the India-EU strategic partnership. Optimism was also expressed about finalizing the India-EU Free Trade Agreement by year's end, expected to boost bilateral trade and economic ties significantly.
A Vision for Dynamic Economic Cooperation
The business roundtable brought together leaders from banking, manufacturing, defense, logistics, maritime, technology, innovation, AI, IT services, tourism, and mobility sectors. Modi noted that the practical recommendations from these discussions would help shape a structured economic roadmap to ensure sustained collaboration in trade, innovation, and strategic industries.
Summing up the event, the Prime Minister tweeted, "Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs to invigorate commercial ties between India and Cyprus. Sectors like innovation, energy, and technology hold immense potential. I also highlighted India's reform journey over the last decade."
