India put the spotlight on its economic strength and growing global presence at the India Cyprus CEO Forum. The event reflected India’s ambition and confidence, as it continues its journey toward becoming the world’s third-largest economy. India is already the fifth-largest and one of the fastest-growing, and this momentum was a key focus of the discussions.
A major highlight was India’s digital transformation. With 50 percent of the world’s digital transactions happening through the Unified Payments Interface (UPI), India is setting a global example in financial technology. Talks are underway to bring Cyprus into the UPI network, joining countries like France that are already on board.
Political stability has also played a big role in India’s growth story. With the same government returning to power for a third term, long-term reforms have taken shape. These include major tax changes, the rollout of the Goods and Services Tax (GST), reduced corporate tax rates, and the removal of outdated laws all aimed at making it easier and more trustworthy to do business in India.
Massive investments over 100 billion dollars every year are going into building next-generation infrastructure. From ports and shipbuilding to aviation and cutting-edge manufacturing, India is working to become a hub for industries like semiconductors, biotech, and green technology. The newly launched Manufacturing Mission is at the heart of this push.
Innovation is another key pillar. India now has over 100,000 startups, including hundreds of unicorns, that are solving real-world problems and offering practical solutions. Business leaders were invited to join India’s journey not just as investors, but as partners in designing, developing, and producing for the future.
Cyprus was described as a valuable partner and a potential gateway to Europe. While trade between the two countries currently stands at 150 million dollars, there’s a shared belief that this figure can grow significantly with the right collaboration.
Sustainability was also front and center. India is aiming for 500 gigawatts of renewable energy by 2030 and plans to make its railways fully carbon neutral by then. A range of new national missions focused on AI, quantum tech, semiconductors, critical minerals, and nuclear power are fueling the next phase of growth.
This visit was particularly significant, as it was the first by an Indian prime minister to Cyprus in over 20 years. Starting the trip with a business roundtable sent a clear message: economic cooperation is at the heart of the relationship between India and Cyprus.