“India Will Soon Be World’s Third-Largest Economy”: PM Modi in Cyprus Woos Global Investors, Hails Digital Revolution

Cyprus: In a powerful pitch to global investors, Prime Minister Narendra Modi declared that India is on track to become the world’s third-largest economy, citing a decade of transformative reforms and policy stability that has propelled the country to the forefront of global growth.

Speaking at a business roundtable in Limassol alongside Cypriot President Nikos Christodoulides, PM Modi emphasized the untapped potential of India’s economic landscape and invited Cypriot businesses to be a part of its growth journey. This marks the first visit by an Indian Prime Minister to Cyprus in 23 years, underlining the strategic intent to deepen bilateral economic ties.

“India will soon become the third-largest economy in the world. India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focusing on ‘trust of doing business’, along with ease of doing business,” said Prime Minister Modi.

Highlighting India’s 11-year-long economic transformation, he noted that India’s growth is backed by next-gen reforms, political stability, policy predictability, and a booming digital economy. The Unified Payments Interface (UPI), now responsible for nearly half the world’s digital transactions, has emerged as a global model, with France already on board and discussions with Cyprus currently underway.

“Around 50 per cent of the world’s digital transactions take place in India. Thanks to UPI. Talks are underway with Cyprus on this too, and I welcome this move,” Modi said.

He underlined India’s strengths in innovation, skilled workforce, and start-up ecosystem, naming AI, quantum computing, semiconductors, and critical minerals as sectors ripe for collaboration. Modi called Cyprus a reliable economic partner, especially in the Foreign Direct Investment (FDI) space, and acknowledged the island nation’s key role in bridging India’s economic outreach to Europe.

“For the first time in 23 years, an Indian Prime Minister has visited Cyprus, and the first event that has been organised is the business roundtable meeting. This shows the importance of business leaders in the India-Cyprus relationship,” he added.

Tourism, infrastructure, and financial services were spotlighted as core areas for bilateral growth. Modi described Cyprus as a “famous tourist destination”, adding that India is also focusing on destination development, offering opportunities for synergy between tour operators in both countries.

Another significant milestone was the MoU signed between NSE International Exchange (GIFT City, Gujarat) and the Cyprus Stock Exchange, aimed at enhancing cooperation in financial services. Furthermore, NPCI International Payments Ltd (NIPL) and Eurobank Cyprus reached an understanding to bring UPI-based cross-border payments to life, benefitting both tourists and businesses.

In a move toward regional cooperation, Modi also welcomed the launch of the India-Greece-Cyprus (IGC) Business and Investment Council, which will facilitate trilateral partnerships in shipping, logistics, renewable energy, civil aviation, and digital trade.

Looking ahead, the leaders shared optimism about concluding the India-EU Free Trade Agreement by the year’s end. As Cyprus prepares to assume the EU Council Presidency, both sides reiterated their intent to further strengthen the India-EU Strategic Partnership.

“Cyprus has been a reliable partner to India for a long time now,” PM Modi concluded, expressing confidence in the shared path of prosperity and progress.