PM Modi Highlights India’s Digital Growth and Economic Potential in Cyprus Visit
During his landmark 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 and highlighted the country’s robust digital economy, growing industrial ambitions, and commitment to global partnerships. Among the standout revelations was his statement that 50% of the world’s digital transactions now take place in India through the Unified Payments Interface (UPI), underscoring India's leadership in the global fintech landscape.
At the business forum, PM Modi emphasized that this visit began with economic discussions, signifying the weight India places on trade and investment. He outlined how the Indian government has pursued economic reforms, including implementing the Goods and Services Tax (GST), reducing corporate tax rates, and decriminalising outdated laws—all to encourage ease and trust in doing business. “Today, India has both a clear policy and a stable policy,” he said, addressing business leaders from both nations.
India’s rapid growth as a digital economy was among the key highlights of the address. PM Modi noted that the country had undergone a massive digital revolution over the last decade, with UPI at its core. “Fifty per cent of the world’s digital transactions now take place in India through UPI,” he stated, citing financial inclusion as a transformative force. Modi welcomed ongoing discussions about integrating Cyprus into UPI, following examples set by countries like France. This move would expand India’s digital payments ecosystem further into Europe.
The Prime Minister also took the opportunity to speak about India's rise in the global economic rankings. From being among the fragile five a decade ago, India has now emerged as the fifth-largest economy in the world and is steadily moving toward the third position. “India is one of the fastest-growing emerging economies,” PM Modi said, attributing the success to transparent governance, infrastructure development, and innovation-driven growth.
He also shed light on India’s new Manufacturing Mission, launched in this year’s Union Budget, aimed at strengthening domestic manufacturing in electronics, IT, semiconductors, and biotechnology. “We are investing more than $100 billion annually in futuristic infrastructure,” PM Modi noted, adding that the government is also focusing on port development, maritime logistics, shipbuilding, and shipbreaking to boost industrial output and job creation.
The civil aviation sector is another growth area, with Indian airlines placing orders for over 1,000 aircraft. “Our civil aviation sector is growing rapidly,” Modi said, noting its importance in connecting markets, facilitating trade, and boosting tourism. He also emphasized that India’s more than 100,000 startups are solving real-world problems, with hundreds having achieved unicorn status.
PM Modi encouraged Cypriot businesses to co-develop, co-design, and co-produce with Indian firms, citing India’s open market, favorable regulations, and a large, skilled talent pool. “We welcome you to be part of India’s growth story,” he said.
In addition to economic and industrial matters, the Prime Minister highlighted India's commitment to sustainable development. By 2030, India aims to produce 500 gigawatts of renewable energy and achieve 100% carbon neutrality in its railways. PM Modi also referenced various government missions that support this green vision, such as the AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, and Nuclear Power Mission. These initiatives are forming the core of India's innovation-driven growth engine.
PM Modi stressed the importance of balancing economy and ecology and described India as an economy that also takes environmental responsibility seriously. He invited global stakeholders to join India’s clean growth journey, which includes green shipping, renewable energy, and carbon-neutral infrastructure projects.
Throughout the forum, PM Modi reiterated the importance of India-Cyprus ties, both historic and forward-looking. “There is immense potential for advancement in our relationship,” he said, acknowledging Cyprus as a long-standing and trusted partner. Trade between the two countries currently stands at $150 million, but Modi asserted that the real potential of bilateral economic engagement is far greater. He also acknowledged Cypriot investment in India and called for deeper cooperation across sectors.
This two-day visit to Cyprus, at the invitation of President Nikos Christodoulides, marks a significant moment in bilateral diplomacy, laying the foundation for renewed economic, technological, and cultural exchanges between India and Cyprus.
As the global economy continues to evolve amid technological disruption and sustainability challenges, India’s emergence as a digital powerhouse and industrial innovator is increasingly evident. PM Modi’s address not only highlighted this momentum but also extended an invitation to the global community to participate in and benefit from India’s ongoing transformation.