{"id":29948,"date":"2025-06-16T07:32:50","date_gmt":"2025-06-16T07:32:50","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=29948"},"modified":"2025-06-16T07:32:50","modified_gmt":"2025-06-16T07:32:50","slug":"india-positioned-to-become-worlds-third-largest-economy-says-pm-modi-in-cyprus","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/india-positioned-to-become-worlds-third-largest-economy-says-pm-modi-in-cyprus\/","title":{"rendered":"India Positioned To Become World\u2019s Third-Largest Economy, Says PM Modi In Cyprus"},"content":{"rendered":"<p>Nicosia, Jun 16: India will soon become the third-largest economy in the world, Prime Minister Narendra Modi has said, highlighting myriad economic opportunities the country offers to companies from Cyprus.<br \/>\nModi, who is in Cyprus on the first leg of his three-nation tour, made the remarks as he, along with Cypriot President Nikos Christodoulides, attended a business roundtable on Sunday in Limassol, a city on the southern coast of Cyprus.<br \/>\nThe Prime Minister highlighted India\u2019s rapid economic transformation in the last 11 years and noted that the country, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest-growing major economy in the world, the External Affairs Ministry in New Delhi said in a statement.<br \/>\nEmphasising the primacy being given to innovation, digital revolution, start-ups and futuristic infrastructure development, he expressed confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years\u2019 time.<br \/>\n\u201cIndia 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 \u2018trust of doing business\u2019, along with ease of doing business.\u201d He said that steady growth in India\u2019s civil aviation, port, shipbuilding, digital payments and green development sectors has opened myriad opportunities for companies from Cyprus to partner with India, the statement said.<br \/>\n\u201cFor 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,\u201d the Prime Minister said.<br \/>\nHe also underlined the strengths of India\u2019s skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor and critical minerals as new and emerging areas contributing to India\u2019s growth story.<br \/>\n\u201cYou all (business leaders) are aware of India\u2019s talent and demographic dividend. In the last 10 years, a digital revolution has taken place in India. Around 50 per cent of the world\u2019s 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,\u201d he said. Prime Minister noted that Cyprus was 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. Modi highlighted the \u201cimmense potential for growth\u201d in bilateral ties.<br \/>\nCyprus has been a \u201creliable partner to India for a long time now,\u201d he said.<br \/>\nModi called Cyprus a \u201cfamous tourist destination\u201d and added that India, too, is focusing on destination development and management, and so, \u201cclose collaboration between our tour operators will be a \u2018win-win&#8217;\u201d.Highlighting the potential for business engagement in the financial services sector, the two leaders welcomed the signing of an MOU between the NSE International Exchange GIFT CITY, Gujarat and the Cyprus Stock Exchange, the statement said.<br \/>\nNIPL (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, it said.<br \/>\nPrime Minister also welcomed the launch of the India\u2013Greece\u2013Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services.<br \/>\nPrime Minister welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism.<br \/>\nAs Cyprus prepares to assume the Presidency of the EU Council next year, the two leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership, the statement said.<br \/>\nThey expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year which would also give a major boost to trade and economic cooperation between the two countries.<br \/>\nPrime 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, he added.<br \/>\nWith shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation, the statement said. The participants of the roundtable represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.<br \/>\nIn a post on X after the meeting, Modi said, \u201cBoosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus.\u201d \u201cSectors like innovation, energy, technology and more offer immense potential. I also talked about India\u2019s reform trajectory in the last decade,\u201d he added.<\/p>\n<figure id=\"attachment_29949\" aria-describedby=\"caption-attachment-29949\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-29949\" src=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2025\/06\/MODI-11-1536x1082-1-300x211.jpg\" alt=\"India Positioned To Become World\u2019s Third-Largest Economy, Says PM Modi In Cyprus\" width=\"300\" height=\"211\" \/><figcaption id=\"caption-attachment-29949\" class=\"wp-caption-text\">India Positioned To Become World\u2019s Third-Largest Economy, Says PM Modi In Cyprus<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Nicosia, Jun 16: India will soon become the third-largest economy in the world, Prime Minister Narendra Modi has said, highlighting myriad economic opportunities the country offers to companies from Cyprus. Modi, who is in Cyprus on the first leg of his three-nation tour, made the remarks as he, along with Cypriot President Nikos Christodoulides, attended [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22,89,54],"tags":[],"class_list":["post-29948","post","type-post","status-publish","format-standard","hentry","category-international","category-national","category-political"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Positioned To Become World\u2019s 3rd-Largest Economy,Says PM<\/title>\n<meta name=\"description\" content=\"India will soon become the third-largest 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