While addressing the India-Cyprus CEO Forum, Prime Minister Narendra Modi on Sunday (local time) highlighted India’s economic strength, development and potential, stating India has undergone a remarkable digital revolution, with the Unified Payments Interface (UPI) accounting for 50% of all digital transactions globally.
He welcomed discussions on extending UPI services to Cyprus, following the model adopted with France.
“Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it. 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 become an example of this. Today, 50 per cent of the world’s digital transactions take place in India through Unified Payments Interface i.e. UPI,” PM Modi said.
India ‘moving very fast towards becoming the third largest economy’
PM Modi mentioned India has become the fifth-largest economy worldwide and is swiftly moving towards becoming the third-largest economy soon.
“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 of the world. Today, India is one of the fastest-growing emerging economies in the world… Today, India has a clear policy…” he stated.
He further emphasised India’s strengthening economic position and its commitment to building future-ready infrastructure, outlining key focus areas such as the newly launched Manufacturing Mission, maritime and port development, shipbuilding, and the fast-growing civil aviation sector.
The Manufacturing Mission, launched by the Indian government, aims to accelerate the growth of the manufacturing sector, with a strong emphasis on electronics, information technology, semiconductors, biotechnology, and green development. The initiative is designed to position India as a global hub for semiconductor production and drive overall economic progress.
“We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India. In this year’s budget, we have started the Manufacturing Mission. Our focus is on maritime and port development. We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this. The civil aviation sector is also moving forward rapidly. Innovation has become a strong pillar of India’s economic strength. Our more than 1 lakh startups sell solutions, not just dreams…,” PM Modi stated.