PM Modi Highlights India’s Economic Growth and Digital Revolution in Cyprus
Prime Minister Narendra Modi, speaking at the India-Cyprus CEO Forum, highlighted India’s growth as the world’s fifth-largest economy, emphasizing ongoing tax reforms and ease of doing business. He noted that 50% of global digital transactions occur in India through UPI. Modi invited investors to take advantage of India’s potential, showcasing the government’s focus on infrastructure and sustainability, during his first visit to Cyprus in over 20 years.
During his address at the India-Cyprus CEO Forum in Limassol, Prime Minister Narendra Modi underscored India’s remarkable economic ascent, noting that it is now the fifth-largest economy globally. He predicted that India could soon claim the position of the third-largest economy, thanks to its robust growth trajectory and favorable economic policies. Modi’s speech aimed to attract foreign investment by highlighting the conducive environment for business in India.
Modi spoke enthusiastically about the significant tax reforms implemented under his government, pointing to the Goods and Services Tax (GST) as a pivotal change leading to a unified tax system. He emphasized the decriminalization of numerous laws to simplify the business landscape, stating, “We have done tax reforms. One nation, one tax system has been introduced with GST. Corporate tax has been made.” He presented the Indian government’s commitment to creating a clear and stable policy framework for businesses.
This visit marked a significant milestone as it was the first of its kind by an Indian Prime Minister to Cyprus in more than two decades. Modi highlighted the importance of this trip, noting that the initial meeting involved a business forum, reaffirming economic ties between India and Cyprus. He acknowledged that many Indian firms view Cyprus as a strategic entry point to the European market.
Notably, the Prime Minister described a digital revolution in India—stating that 50% of global digital transactions are conducted through the Unified Payments Interface (UPI). Modi elaborated on how this transformation is a cornerstone for financial inclusivity and innovation in India. He also expressed enthusiasm about extending UPI’s reach to Cyprus, akin to agreements with other nations like France.
Addressing infrastructure, Modi shared the government’s ambitious plans within the Manufacturing Mission, targeting sectors such as electronics, IT, and green technology. He affirmed that “We are investing more than a hundred billion dollars annually in developing futuristic infrastructure” to position India as a global manufacturing hub, especially for semiconductors.
As he invited potential investors, Modi encouraged collaboration in India by highlighting the country’s growing talent pool and market opportunities. He reiterated that this engagement between nations fosters mutual growth. India, he claimed, is experiencing a surge in start-ups, with more than 100,000 ventures, many of which have transitioned into unicorns, thus solidifying its status as a thriving economic player.
Sustainability was also a key theme in Modi’s address. He stated that India is committed to achieving a clean and green future, setting ambitious goals for renewable energy aiming for 500 gigawatts by 2030. He mentioned various missions, including initiatives in AI, quantum technology, and nuclear power, which he believes will drive future growth.
In conclusion, PM Modi’s two-day visit to Cyprus, a landmark event after 23 years, emphasized the importance of strengthening economic relations. By inviting collaboration and showcasing India’s economic potential, the Prime Minister not only reinforced existing bonds but also paved the way for future investments,
which could profoundly influence the economic landscape of both nations.
In summary, PM Modi’s address in Cyprus shed light on India’s rapid economy growth, its digital innovation through UPI, and ongoing tax reforms aimed at enhancing the ease of doing business. His invitation for investors to explore opportunities in India and highlight sustainable initiatives underscores the country’s forward-looking approach. Ultimately, this visit marks a historic effort to bolster economic ties between India and Cyprus, promising mutual benefits ahead.
Original Source: www.ndtv.com
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