Prime Minister Narendra Modi highlighted India’s economic strength and future potential during the India-Cyprus CEO Forum on Sunday (local time). He noted that India has grown to become the world’s fifth-largest economy and is on a fast track to becoming the third-largest soon. "In the past decade, India has reached the position of the world’s fifth-largest economy and is swiftly advancing to become the third-largest," PM Modi stated. He called India one of the fastest-growing economies globally and said the country now follows a clear and stable policy approach.

He spotlighted the digital revolution India has undergone in the last 10 years, emphasizing that nearly 50% of the world’s digital transactions now take place through India’s Unified Payments Interface (UPI). This shift, he said, has transformed financial access and encouraged innovation. “It is for the first time in six decades that a government has been elected for a third consecutive term. In the past 10 years, we’ve witnessed a digital revolution, and financial inclusion is a prime example. Half of the world’s digital transactions now occur in India via UPI,” Modi said.

He welcomed ongoing discussions about Cyprus joining UPI, following the example of countries like France. “I welcome the talks on including Cyprus in the UPI network,” he added. Speaking on India’s broader economic growth, PM Modi pointed to a surge in futuristic infrastructure development, the launch of the Manufacturing Mission, and expansion in key sectors like semiconductors, biotech, green energy, shipbuilding, and civil aviation.

“In this year’s budget, we’ve launched the Manufacturing Mission. We're focused on port development, shipbuilding, and advancing the civil aviation sector. Innovation has become a strong foundation of India’s economy. Over one lakh start-ups in India today are offering practical solutions, not just dreams,” he said. He encouraged global investors to take advantage of India’s growth opportunities, citing favorable government policies, a vibrant market, and a skilled talent pool. He urged companies to collaborate with India in designing, developing, and producing solutions.

PM Modi also spoke about the increasing trade and investment links between India and Cyprus, highlighting the $150 million in mutual trade and noting Cyprus' importance as a gateway to Europe for Indian businesses. “Many Indian firms see Cyprus as a doorway to Europe. Though trade has reached $150 million, the potential is far greater,” he said. The Prime Minister emphasized key reforms that have made doing business in India easier, including tax reforms and the removal of outdated laws. “We’ve introduced GST under a 'one nation, one tax' system, lowered corporate tax, and decriminalized many laws to improve ease and trust in doing business,” he said.

This visit marks the first trip to Cyprus by an Indian Prime Minister in over two decades. Modi said starting his visit with a business roundtable signaled the strong economic ties between the two nations. “After 23 years, the first event is a business roundtable, showing how deeply economic cooperation is valued in our relationship,” he remarked. He appreciated Cyprus’ dedication to deepening economic engagement with India and acknowledged past investments from the country.

India’s civil aviation and startup sectors, he noted, are booming, with Indian firms ordering over 1,000 new aircraft and hundreds of start-ups achieving unicorn status. “More than 100,000 startups are active, and many are unicorns offering real-world solutions,” he said. Modi concluded by affirming India’s commitment to sustainability. “India is working to achieve 500 GW of renewable energy by 2030, aims for 100% carbon neutrality in railways by then, and is advancing missions in AI, Quantum, Semiconductors, Critical Minerals, and Nuclear Power—our new engines of growth,” he said. PM Modi’s visit to Cyprus, from June 15–16, was at the invitation of President Nikos Christodoulides—the first such visit by an Indian Prime Minister in over 20 years.