‘India Moving Fast Towards Becoming 3rd Largest Economy’: PM Modi At Cyprus Business Meet

<p>Prime Minister Narendra Modi on Sunday participated in a high-level business roundtable in Cyprus, marking the first visit by an Indian prime minister to the Mediterranean country in over two decades. The event, attended by Cypriot President Nikos Christodoulides and top industry leaders from both nations, underlined India&rsquo;s ambition to deepen trade, defence, and investment ties with Cyprus and beyond.</p>
<p>Addressing the India-Cyprus CEO Forum, PM Modi described Cyprus as a long-standing and reliable partner, noting that several Indian companies view the country as a vital gateway to Europe. According to news agency ANI, he remarked, &ldquo;Cyprus has long been a trusted partner of ours, as many of you just mentioned. There has also been significant investment from here into India. Several Indian companies have seen Cyprus as a gateway to Europe. Today, our bilateral trade has reached 150 million dollars. But the true potential of our relationship is much greater than this.&rdquo;</p>
<p>Highlighting the strategic significance of the trilateral cooperation, PM Modi welcomed the formation of the India, Cyprus and Greece Business and Investment Council. &ldquo;This is a very good initiative and can become an important platform for economic cooperation,&rdquo; he said.</p>
<p>The forum, according to Ministry of External Affairs spokesperson Randhir Jaiswal, focused on strengthening business linkages in fintech, start-ups, artificial intelligence, logistics, shipping, mobility and defence.</p>
<h3><strong>PM Modi On&nbsp;Cyprus-NSE Collaboration in GIFT City</strong></h3>
<p>The prime minister also revealed that the Cyprus Stock Exchange and India&rsquo;s National Stock Exchange (NSE) have agreed to collaborate in Gujarat&rsquo;s GIFT City. &ldquo;I am happy to know that Cyprus Stock Exchange and NSE (National Stock Exchange) have agreed on cooperation in GIFT City in my home state, Gujarat,&rdquo; he said.</p>
<p>He further noted India&rsquo;s expanding infrastructure ambitions, with more than $100 billion invested annually, and cited the government&rsquo;s Manufacturing Mission and advancements in maritime and civil aviation. &ldquo;We are also prioritising shipbuilding and shipbreaking. A new policy is being introduced for this. The civil aviation sector is also growing rapidly. Indian companies have placed new orders for more than a thousand aircraft,&rdquo; the prime minister said, as reported by IANS.</p>
<h3>&ldquo;India Is a Fast-Moving Economy with Stable Policy&rdquo;: PM Modi</h3>
<p>Speaking on India&rsquo;s economic growth trajectory, Modi pointed to India&rsquo;s rapid climb to become the fifth-largest global economy. &ldquo;&hellip;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,&rdquo; he said.</p>
<p>He credited India&rsquo;s digital transformation, GST reforms and stable governance for creating a favourable business environment. &ldquo;With the introduction of GST, we brought in the concept of One Nation, One Tax. Corporate tax has been rationalised. We have decriminalised thousands of laws. Along with Ease of Doing Business, we have equally emphasised Trust of Doing Business,&rdquo; he added.</p>
<p>Highlighting the success of India&rsquo;s digital payments ecosystem, he said, &ldquo;Over the past ten years, a digital revolution has taken place in India. Financial inclusion has become a global example. Today, 50% of the world&rsquo;s digital transactions take place in India through UPI. Many countries, like France, are connected to this ecosystem. Discussions are underway for Cyprus to join as well, and I welcome this.&rdquo;</p>
<p>Modi also pointed out the progress of key innovation-driven missions such as the AI Mission, Quantum Mission, and Semiconductor Mission. &ldquo;We are working to build new growth engines through initiatives like the AI Mission, Quantum Mission, Semiconductor Mission, Critical Minerals Mission, and Nuclear Power Mission,&rdquo; he stated.</p>
<p>Referring to his third term as a sign of India&rsquo;s democratic strength, Modi said, &ldquo;It has happened after 6 decades that the same government has been elected for the third consecutive time.&rdquo; He added that more than 1 lakh Indian start-ups are actively offering innovative solutions, not just dreams.</p>
<p>The prime minister&rsquo;s remarks come as part of his two-day visit to Cyprus, aimed at bolstering India&rsquo;s engagement with the Mediterranean region and the European Union. He was welcomed at Larnaca International Airport by President Christodoulides in a special gesture. According to the MEA, bilateral trade between the two countries stood at USD 136.96 million for the financial year April 2023 to March 2024.</p>
<p>The business forum opened with Modi stating that it was the first event during his visit &ndash; an indication of the priority India places on economic diplomacy. &ldquo;After 23 years, an Indian Prime Minister has visited Cyprus, and the very first event is a business roundtable. This is a clear indication of how important economic stakeholders are in the India-Cyprus relationship,&rdquo; he said.</p>