India Set to Become World’s Third-Largest Economy, PM Modi Tells Cyprus Business Leaders
GG News Bureau
Limassol/New Delhi, 16th June: Prime Minister Narendra Modi on Sunday said that India will soon become the third-largest economy in the world, as he addressed a high-level business roundtable with Cypriot President Nikos Christodoulides in Limassol, Cyprus. The event marked the start of Modi’s three-nation tour and the first visit by an Indian Prime Minister to Cyprus in 23 years.
In his keynote address, PM Modi highlighted India’s rapid economic transformation over the past 11 years, driven by next-generation reforms, policy stability, and a business-friendly ecosystem. He described India as the fastest-growing major economy, expressing confidence that it is well-positioned to rise from the fifth to the third-largest global economy in the near future.
“This honour is not just for me, it’s for 1.4 billion Indians. India has implemented key reforms such as GST, rationalised corporate tax, and decriminalised several business laws to foster trust in doing business,” he said.
Cyprus and India: Economic Partners with Shared Potential
The Prime Minister emphasized the growing synergy between India and Cyprus, citing strong diplomatic ties and shared democratic values. He called Cyprus a reliable economic partner, especially in the foreign direct investment (FDI) space, and welcomed growing interest from Cypriot companies to explore Indian markets.
“Cyprus is a significant economic partner. The business roundtable today is proof that we are entering a new chapter of dynamic and mutually beneficial cooperation,” he said.
Modi invited Cypriot businesses to explore opportunities in manufacturing, AI, quantum technologies, semiconductors, critical minerals, tourism, and financial services. He noted that sectors such as civil aviation, port development, shipbuilding, and digital payments offer massive collaboration potential.
He also welcomed the signing of a Memorandum of Understanding (MoU) between NSE International Exchange GIFT City, Gujarat, and the Cyprus Stock Exchange, aimed at boosting financial sector engagement. Additionally, NIPL (NPCI International Payments Limited) and Eurobank Cyprus agreed to introduce UPI-based cross-border payments, benefitting tourists and businesses alike.
Trilateral and EU Ties
Modi lauded the formation of the India-Greece-Cyprus (IGC) Business and Investment Council, designed to foster trilateral cooperation in areas like shipping, logistics, renewable energy, aviation, and digital services.
With Cyprus set to assume the EU Council Presidency in 2026, both leaders reiterated their commitment to strengthening the India-EU Strategic Partnership and expressed hope for finalizing the long-pending India-EU Free Trade Agreement (FTA) by the end of 2025.
Business Leaders Respond Positively
The roundtable featured CEOs and representatives from sectors including banking, defense, logistics, technology, AI, tourism, and IT services. PM Modi shared India’s digital revolution success, stating that India accounts for 50% of global digital transactions through platforms like UPI.
In a post on X, PM Modi wrote, “Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs to enhance commercial ties between India and Cyprus. Innovation, energy, and technology offer immense potential.”
With shared aspirations and a future-oriented agenda, India and Cyprus appear poised for a new era of strategic economic collaboration.
