India Poised to Become World’s Third‑Largest Economy: PM Modi in Cyprus
At the India–Cyprus Business Roundtable in Limassol, Prime Minister Narendra Modi announced that India is on track to become the world’s third‑largest economy in the coming years, propelled by bold reforms, digital innovation, and global collaboration.
Tax reforms building investor trust
Modi underscored India’s focus on fostering a predictable and simplified tax environment. He emphasized the significance of the Goods and Services Tax (GST), rationalized corporate taxes, and the decriminalization of multiple regulations—citing the mantra of “one nation, one tax system” as a pillar of economic confidence and stability.
Digital transformation via UPI
Pointing to India’s fintech revolution, the prime minister highlighted that “50% of the world’s digital transactions take place in India through UPI.” He further revealed plans to extend UPI services to Cyprus, following similar integrations with France and the UK, reinforcing India’s digital diplomacy strategy.
Future‑ready investments & IMEC collaboration
Modi spotlighted India’s annual infrastructure and innovation investments—exceeding $100 billion—across semiconductors, AI, green energy, shipbuilding, ports, and aviation. He invited Cypriot businesses to join the India–Middle East–Europe Economic Corridor (IMEC) and participate in the new India‑Cyprus‑Greece Business & Investment Council.
