India is well on its way to becoming the world’s third-largest economy, Prime Minister Narendra Modi said during a business roundtable with Cypriot President Nikos Christodoulides on Sunday in Limassol, marking the first visit by an Indian Prime Minister to Cyprus in 23 years. Citing India's fast economic change in the past 11 years, Modi stated the nation, driven by next-generation reforms, policy certainty, and a stable polity, is now the fastest-growing major economy in the world. "India will soon become the third-largest economy in the world. India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focusing on 'trust of doing business', along with ease of doing business," said PM Modi.

During the meeting, PM Modi pointed out the economic prospects India presents to Cypriot businesses, particularly in civil aviation, shipbuilding, green energy, and digital payment. He complimented Cyprus as a "reliable partner" in areas such as foreign direct investment. "For the first time in 23 years, an Indian Prime Minister has visited Cyprus, and the first event that has been organised is the business roundtable meeting. This shows the importance of business leaders in the India-Cyprus relationship," the Prime Minister added. He also underlined the strengths of India's skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor, and critical minerals as new and emerging areas contributing to India's growth story.

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UPI for Cross-Border Payments Between India and Cyprus

PM Modi highlighted India's digital revolution and announced plans to implement the Unified Payments Interface (UPI) for cross-border payments between India and Cyprus. This will help both tourists and entrepreneurs. "You all (business leaders) are aware of India's talent and demographic dividend. In the last 10 years, a digital revolution has taken place in India. Around 50 per cent of the world's digital transactions take place in India, thanks to the Unified Payments Interface or UPI. Countries like France are associated with this, and talks are also underway with Cyprus for this, and I welcome this move," he added. The two leaders greeted the signing of an MoU between NSE International Exchange, GIFT City, Gujarat, and the Cyprus Stock Exchange. Additionally, NPCI International Payments Limited (NIPL) and Eurobank Cyprus agreed on facilitating the adoption of UPI. Modi also greeted the establishment of the India–Greece–Cyprus (IGC) Business and Investment Council to promote cooperation in shipping, logistics, renewable energy, aviation, and digital services.

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Describing Cyprus as a "well-known tourist destination", Modi declared that India also is investing in destination development, and thus tourism cooperation is a 'win-win' for both countries. With Cyprus set to take over the EU Council Presidency in 2026, both leaders reiterated their commitment to deepening the India-EU Strategic Partnership. They expressed hope that the long-awaited India-EU Free Trade Agreement would be finalised by the end of the year, and believed it would considerably increase trade in the future. The roundtable included representatives from major industries like banking, defence, manufacturing, logistics, maritime, digital technology, AI, and mobility. PM Modi indicated that the event made practical recommendations that would be a starting point for a structured economic roadmap. "Boosting business linkages! President Nikos Christodoulides and I engaged with top CEOs to infuse vigor in commercial ties between Cyprus and India," PM Modi tweeted on X. "Areas such as innovation, energy, technology, and more hold vast possibilities. I also discussed India's reform journey over the past decade," he further stated.