Limassol (Cyprus), Jun 16: Highlighting India's rapid economic growth and vast potential at the India-Cyprus CEO Forum, Prime Minister Narendra Modi has said that India has become the fifth-largest economy in the world today and is now on the path to becoming the third largest global economy soon.

Addressing the India-Cyprus CEO Forum in Limassol on Sunday (local time), the Prime Minister said that introducing tax reforms with the implementation of GST, corporate tax and decriminalising several laws, his government has given prime importance to the ease of doing business apart from having a clear and stable policies.

"Friends, you know very well that we have done tax reforms. One nation, one tax system has been introduced with GST. Corporate tax has been made. We have done the work of decriminalising thousands of laws. We have given equal emphasis on ease of doing business as well as trust of doing business. Today India has a clear policy. Along with this, there is also a stable policy," he said.

PM Modi said that this visit was the first for India's Prime Minister after two decades.

During this visit, the first meeting was a business forum, showing the importance associated with the economic world.

"Many Indian companies have also in a way seen Cyprus as a gateway to Europe. Today mutual trade has reached $150 million. But the real potential of our relationships is much more than that. Most of you are associated with India," he said.

"In the last one decade, India has become the fifth largest economy of the world and in the near future, we are moving very fast towards becoming the third largest economy of the world. Today, India is one of the fastest-growing emerging economies in the world... Today, India has a clear policy..."

PM Modi highlighted that India has experienced a significant digital revolution, with 50 per cent of digital transactions worldwide happening through the Unified Payments Interface (UPI).

This digital transformation has been a game-changer for the country, promoting financial inclusion and innovation, he added.

"It has happened after six decades that the same government has been elected for the third consecutive time. There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this. Today, 50 per cent of the world's digital transactions take place in India through Unified Payments Interface i.e. UPI," said PM Modi.

The Prime Minister welcomed talks to include Cyprus in UPI, similar to France and said, "Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it."

He highlighted India's growing economic strength and its focus on futuristic infrastructure development.

PM Modi also detailed focus areas, including the new Manufacturing Mission, maritime and port development, shipbuilding, and a rapidly expanding civil aviation sector.

The Indian government has launched the Manufacturing Mission to boost the country's manufacturing sector, focusing on sectors like electronics, information technology, semiconductors, biotech, and green development, he said.

This initiative aims to make India a global hub for semiconductor manufacturing and promote economic growth.

"We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India. In this year's budget, we have started the Manufacturing Mission. Our focus is on maritime and port development. We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this. The civil aviation sector is also moving forward rapidly. Innovation has become a strong pillar of India's economic strength. Our more than 1 lakh startups sell solutions, not just dreams...," said PM Modi.

PM Modi invited investors to take advantage of India's growth story, emphasising the country's favourable policies, thriving market, and growing talent pool.

He encouraged companies to co-develop, co-design, and co-produce in India, leveraging economic and technological growth.

PM Modi said that this visit was the first for India's Prime Minister after two decades.

During this visit, the first meeting was a business forum, showing the importance associated with the economic world.

"After twenty-three years, the Prime Minister of India has arrived in Cyprus. And the first program is being organised for the Business Round Table. This is an indication of the importance of people's association with the economic world in the relationship between India and Cyprus. I have listened very carefully to your thoughts," PM Modi said.

PM Modi said that India realises Cyprus' commitment to building economic ties.

"I have realised your commitment to India-Cyprus economic ties. There is immense potential for advancement in our relationship. Cyprus has been our trusted partner for a long time, which you also mentioned. And significant investment has also been made in India from here," he said.

PM Modi said that the Indian economy is growing in the civil aviation and start-up sectors, with hundreds of unicorns.

"It is also growing rapidly in the civil aviation sector. Indian companies have placed new orders for more than 1,000 aircraft. Innovation has become a strong pillar of India's economic strength. More than one hundred thousand of our start-ups. Not just dreams sell solutions. Of these, hundreds have become unicorns. India is in the balance of economy and ecology," he added.

PM Modi said India is committed to securing a sustainable future.

"India believes, and we are committed to paving the way for a clean and green future. By 2030, we are moving very fast toward the target of 500 gigawatts of renewable energy. Growth of green shipping and up to 2030. They are working fast to make the railways 100 per cent carbon neutral. AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, Nuclear Power Mission are becoming the new engine of our growth engine," he added.

Prime Minister Modi noted that Cyprus is a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy.

Highlighting the potential for business engagement in the financial services sector, PM Modi and Cyprus President Nikos Christodoulides welcomed the signing of an MoU between NSE International Exchange GIFT CITY in Gujarat and Cyprus Stock Exchange.

NIPL (NPCI International Payments Limited) and the Eurobank Cyprus reached an understanding on introducing UPI for cross border payments between the two countries which would benefit tourists and businesses, PM Modi added.

The Prime Minister also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services.

As Cyprus prepares to assume the Presidency of the EU Council next year, PM Modi and President Christodoulides reaffirmed their commitment to further strengthen India-EU Strategic Partnership.

They expressed optimism about concluding the India-EU Free Trade Agreement by end of the year which would also give a major boost to trade and economic cooperation between the two countries.

Prime Minister underlined that the business roundtable had given practical suggestions which would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation and strategic sectors.

PM Modi is currently on a two-day visit to Cyprus from June 15 to 16, at the invitation of President Nikos Christodoulides, the first by an Indian Prime Minister in more than 20 years.

(IANS)

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