PM Modi Addresses India-Cyprus CEO Forum in Limassol
During a landmark two-day visit to Cyprus—the first by an Indian Prime Minister in over two decades—Prime Minister Narendra Modi addressed the India-Cyprus CEO Forum in Limassol, highlighting India’s soaring economic and technological advancements. Among the key announcements was India’s leadership in the digital payments revolution, with PM Modi stating that “50% of the world’s digital transactions take place in India through Unified Payments Interface (UPI).”
India Emerges as a Digital Payments Powerhouse
PM Modi emphasized the remarkable scale and impact of India’s digital growth, particularly the penetration of UPI across urban and rural landscapes. “There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this,” he said. The Prime Minister indicated that half of the world’s digital transactions are now facilitated through UPI, showcasing India as a global fintech leader.
Unified Payments Interface has not only made digital payments seamless but has become a core pillar of India’s inclusive financial ecosystem. PM Modi noted that talks are underway to include Cyprus in the growing list of international adopters of UPI, which already includes France. “Many countries, like France, are associated with it… and I welcome talks to include Cyprus in this,” he said.
Digital Innovation Driving Economic Growth
PM Modi underscored that India’s growth is strongly linked to its ability to innovate and build digital infrastructure. Over the past decade, initiatives such as digital identity through Aadhaar, mobile penetration, real-time payment systems, and mobile banking have propelled economic participation.
India’s Economic Resurgence and Strategic Reforms
Shifting focus to the broader economic landscape, the Prime Minister spoke about India becoming the world’s fifth-largest economy and being on track to become the third-largest soon. He credited structural reforms such as the implementation of the Goods and Services Tax (GST) and corporate tax adjustments as key milestones.
“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 decriminalising thousands of laws,” said PM Modi, citing these as crucial steps in making India an investor-friendly destination.
Strengthening India-Cyprus Economic Partnership
The India-Cyprus CEO Forum marked a significant moment in diplomatic and economic partnerships. Addressing the attendees, PM Modi said, “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.”
While noting that bilateral trade currently stands at $150 million, PM Modi stressed its unrealized potential and called for deeper cooperation across sectors including manufacturing, technology, and finance. “Many Indian companies have also in a way seen Cyprus as a gateway to Europe,” he added.
Manufacturing Mission and Infrastructure Development
Highlighting India’s ambitious new “Manufacturing Mission,” the Prime Minister outlined plans to turn India into a global manufacturing hub, particularly in electronics, semiconductors, biotechnology, and green innovations. “We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India… We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this,” he said.
PM Modi also noted significant growth in sectors such as civil aviation, with Indian companies placing orders for over 1,000 new aircraft. The startup ecosystem is equally dynamic, with over 100,000 startups of which hundreds are unicorns, he noted. These innovations, he said, offer solutions to real-world problems and aren’t just limited to aspirational goals.
Green Agenda and Technological Missions
PM Modi reiterated India’s commitment to a sustainable and green future. Citing India’s renewables roadmap, he revealed that the country is rapidly working toward generating 500 GW of renewable energy by 2030. Efforts are also underway to make Indian Railways 100% carbon neutral by the same year.
Additionally, PM Modi mentioned upcoming strategic national missions that form the core of India’s modernization drive: AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, and the Nuclear Power Mission. “These are becoming the new engines of our growth engine,” he said.
India’s Call to Global Investors
The Prime Minister extended a strong invitation to global investors to participate in India’s innovation-led economy. He emphasized opportunities for co-development, co-design, and co-production, adding that India offers not just a large market, but also stability, talent, and technology.
“Our more than 1 lakh startups sell solutions, not just dreams,” he stated, pointing out that India’s approach blends economic progress with environmental responsibility.
In closing, PM Modi reiterated that Cyprus remains a trusted partner of India, and the nations can mutually benefit by aligning their strategic economic interests. “Cyprus has been our trusted partner for a long time… and significant investment has also been made in India from here,” he noted.
A Diplomatic Visit with Economical Significance
PM Modi’s address at the India-Cyprus CEO Forum not only showcased India’s economic ambitions but also reaffirmed its desire to be at the center of digital and green global transitions. His visit underscores India’s proactive pursuit of strategic international collaborations that align with its long-term growth story.
