Addressing the India-Cyprus CEO Forum on Sunday, Prime Minister Narendra Modi underscored India’s digital revolution and rising global economic influence. He highlighted the country’s success in digital payments, stating that India now accounts for 50 per cent of all digital transactions worldwide, primarily driven by the Unified Payments Interface (UPI).
PM Modi welcomed ongoing discussions on bringing Cyprus into the UPI ecosystem, citing France’s successful integration as a model. “Many countries, like France, are associated with it. Talks are going on to include Cyprus in this, and I welcome it,” he said.
He noted that India’s digital transformation over the past decade, especially in financial inclusion, is exemplary. “There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this,” the Prime Minister added.
India set to become third largest economy
Modi also emphasised India’s rising stature in the global economy. “In the last one decade, India has become the fifth-largest economy of the world and in the very near future, we are moving very fast towards becoming the third-largest economy,” he said, pointing to the country’s consistent economic growth.
#WATCH | Limassol, Cyprus: Addressing the India-Cyprus CEO Forum, PM Narendra Modi says, "It has happened after 6 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… pic.twitter.com/GwXHq3rRNQ
— ANI (@ANI) June 15, 2025
He added that India remains one of the fastest-growing emerging economies globally and has a clear and stable policy direction. Modi’s remarks came as India sees renewed investor interest due to economic stability, robust domestic consumption, and ambitious reforms.
The Prime Minister also showcased India’s commitment to building future-ready infrastructure and enhancing manufacturing capacity. “We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India,” he said.
He highlighted the recently launched Manufacturing Mission, which focuses on key areas like electronics, semiconductors, biotechnology, green energy, and information technology. The goal, he said, is to position India as a major global hub, especially in semiconductor manufacturing, a strategically critical sector.
Ports, aviation and innovation – Key growth drivers
PM Modi further elaborated on India’s expanding maritime and port development, shipbuilding, and civil aviation sectors. “We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this,” he noted.
India’s civil aviation industry is also witnessing rapid growth, he added, reflecting rising connectivity and economic demand.
Concluding his address, Modi emphasised that innovation remains the backbone of India’s economic future. “Our more than 1 lakh startups sell solutions, not just dreams,” he said, underlining the country’s shift from a services-led economy to one increasingly powered by innovation and technology.