Modi Highlights India’s Tax Reforms and UPI Surge at Cyprus Forum
Prime Minister Narendra Modi, while addressing the India–Cyprus CEO Forum in Limassol, showcased India’s sweeping tax reforms and world-leading digital transformation as central pillars of its economic ascent. The remarks came as part of his broader diplomatic visit to Cyprus, aimed at strengthening bilateral and multilateral economic engagement.
Tax reforms driving investment confidence
Modi emphasized how landmark reforms like the Goods and Services Tax (GST), rationalised corporate taxes, and the decriminalisation of business laws have created a predictable and investor-friendly climate.
“One nation, one tax system… We have equally emphasised ease of doing business as well as trust in doing business,” he told global business leaders, underscoring India’s twin focus on compliance simplification and regulatory transparency.
These structural overhauls, he noted, have enabled India to maintain consistent GDP growth while offering a stable environment for long-term investments across key sectors.
UPI’s global expansion and digital dominance
Modi proudly shared that “50% of the world’s digital transactions take place in India through UPI.” He credited the Unified Payments Interface for revolutionizing access to digital finance, boosting small business participation, and accelerating financial inclusion at scale.
In a move to internationalise India’s digital platforms, he confirmed that talks are underway to extend UPI functionality to Cyprus—mirroring recent expansions into France and the UK. This effort is part of India’s larger strategy to export its fintech expertise while facilitating cross-border commerce.
Green growth, innovation, and IMEC push
The Prime Minister invited Cypriot businesses to partner with India in high-growth domains such as semiconductors, green energy, shipbuilding, ports, AI, and critical minerals. He pointed out that India is currently investing over $100 billion annually in infrastructure and technology innovation.
Modi reaffirmed India’s position as the fifth-largest global economy and projected that it would soon become the third-largest. He credited this trajectory to policy stability, rapid digitisation, and an innovation-driven ecosystem.
He also highlighted trilateral cooperation with Cyprus and Greece under the India–Middle East–Europe Economic Corridor (IMEC), a visionary project aimed at transforming global trade logistics through seamless connectivity.
