Limassol: In a landmark address during his visit to Cyprus, Prime Minister Narendra Modi on Sunday underscored India’s meteoric economic rise and digital revolution, declaring that nearly 50% of the world’s digital transactions now take place in India through the Unified Payments Interface (UPI). Speaking at the India-Cyprus CEO Forum in Limassol, PM Modi emphasized the nation’s transformation over the past decade, positioning India as one of the fastest-growing economies globally and a rising hub of innovation and digital finance.
The visit marks the first trip by an Indian Prime Minister to Cyprus in 23 years, highlighting a renewed focus on strengthening bilateral trade and economic partnerships. “The fact that my first meeting here is with the business community shows how much importance we attach to the economic dimension of our relationship,” PM Modi told a gathering of industry leaders from both countries.
India’s Economic Leap
PM Modi highlighted India’s rise to become the fifth-largest economy in the world, with a trajectory aimed at soon reaching the third spot. He attributed this momentum to consistent reforms, such as the introduction of Goods and Services Tax (GST), reduction of corporate tax, and the decriminalisation of outdated laws, which together have significantly improved the ease of doing business in India.
“India today has not only a clear policy but a stable policy, which is essential for business confidence. We believe in trust in doing business, not just ease of doing business,” the Prime Minister stated.
Digital Revolution and UPI
Touting the success of India’s digital journey, PM Modi said, “India has seen an extraordinary digital transformation in the last 10 years. Fifty percent of the world’s digital transactions are conducted in India through UPI, which has revolutionised financial inclusion and accessibility.”
He welcomed ongoing talks to extend UPI to Cyprus, similar to successful integrations with countries like France. “We are open to co-developing and sharing this transformative infrastructure,” Modi added.
Infrastructure and Innovation Focus
The Prime Minister spoke about India’s $100 billion annual investment in futuristic infrastructure and outlined major government initiatives like the Manufacturing Mission, which aims to make India a global hub for semiconductors, electronics, IT, biotech, and green technology.
“India is focusing on maritime and port development, shipbuilding, and shipbreaking. Our civil aviation sector is growing rapidly, with Indian airlines placing orders for over 1,000 new aircraft,” he noted. He also emphasized India’s strength in the startup ecosystem, stating, “We now have over 100,000 startups, with hundreds having reached unicorn status. These startups offer real-world solutions, not just dreams.”
India-Cyprus Trade and Investment Potential
India and Cyprus currently conduct mutual trade worth around $150 million, but PM Modi pointed out that the real potential is much higher. Many Indian companies already view Cyprus as a gateway to Europe, and the Prime Minister encouraged deeper collaboration.
“We recognize Cyprus as a long-standing and trusted partner. Indian investors see potential here, and vice versa. We must harness this trust to scale our partnership in trade, technology, and innovation,” he said.
Commitment to Sustainability
PM Modi reiterated India’s commitment to building a clean and green future, noting that India is fast moving towards 500 GW of renewable energy capacity by 2030. Initiatives like the AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, and Nuclear Power Mission are “becoming new engines of India’s growth,” he said.
India is also working to make its railways 100% carbon neutral by 2030 and promoting green shipping initiatives as part of its ecological balance goals.
Call for Global Collaboration
Inviting Cypriot and global investors to be part of India’s success story, PM Modi said, “India offers you scale, speed, and sustainability. Co-develop, co-design, and co-produce in India. Be part of our economic and technological transformation.”
As his two-day visit to Cyprus (June 15–16) continues at the invitation of President Nikos Christodoulides, PM Modi’s speech firmly positioned India as not only a rising economic superpower but also a strategic partner for nations seeking technological collaboration and sustainable growth.
