š®š³š° India to Zoom into Worldās Top 3 Economies? PM Modi Drops a Bombshell in Cyprus! šš„
- MediaFx
- Jun 16
- 3 min read
š„ TL;DR:Ā PM Modi, on his first visit to Cyprus in over two decades, boldly claimed India is on track to become the world's third-largest economyĀ soon! šš¼ He emphasised #EaseOfDoingBusiness, showcased Indiaās booming #DigitalRevolution with 50% of global digital payments via #UPI, and pitched the island nation as a strategic gateway to Europe. The visit also focused on boosting trade via the IndiaāMiddle EastāEurope Corridor (#IMEC), enhancing defence, cybersecurity, and forging a prospective IndiaāEU Free Trade Agreement by yearāend š”ļøš¤.
š āIndiaās Third-Largest Economy Soon?ā ā Bold Words from PM Modi!
PM Modi, speaking at a business roundtable in Limassol, said India is expertly navigating the path to becoming the worldās third-largest economy within a few years, propelled by next-generation #Reforms like GST and corporate tax cuts, decriminalising thousands of laws, and a strong focus on ātrust in doing businessā combined with ease of doing business.
He emphasized how India has surged into the fifth-largest economyĀ globally over the past decade, and how sectors such as #CivilAviation, #Ports, #Shipbuilding, #Greentech, and finance are full of opportunities for Cypriot companies.
š³ #DigitalRevolution Alert ā 50% of Worldās Digital Transactions via UPI!
In a bold claim at the IndiaāCyprus CEO Forum, Modi said Indiaās #UPI system processes nearly 50% of the worldās digital transactions, highlighting it as a model for financial inclusion and innovation. Discussions are now underway to extend UPI to Cyprus, following its rollout in countries like France.
š Cyprus ā Indiaās Gateway to Europe
Modi marked Cyprus as a major strategic partner and āgateway to Europe.ā They discussed trilateral cooperation involving India, Cyprus, and Greeceāespecially through the proposed IndiaāMiddle EastāEurope Corridor (#IMEC). This corridor aims to link sea, rail, and road routes connecting the region for trade, energy, and digital connectivity.
š§ Making It Happen: Infrastructure & Strategic Ties
Free Trade Deal by 2025 End: Modi said India expects to finalize a landmark IndiaāEU free trade agreement by the end of 2025, with Cyprus pledging full support during its EU Council presidency in early 2026.
Maritime & Defence Boost: Both nations agreed to:
Strengthen maritime cooperation with naval sorties and joint exercises
Launch cybersecurity collaboration
Share defense industry expertise
Business & Finance MoUs:
Cooperation between the Cyprus Stock Exchange and Indiaās GIFT City NSE
NPCI-Eurobank to explore cross-border UPI payments in Cyprus
š Historical Significance & Diplomacy
This visit is the first by any Indian PM to Cyprus since 2002. Modi was honoured with Cyprusās highest civilian award, the Grand Cross of the Order of Makarios III. The dialogue touched upon regional harmony, especially emphasizing that "this is not an era of war" amid Middle East tensions.
š What Stats Shine Through?
India is currently the 5thālargest economy, projected to soon be the 3rdĀ .
#UPI handles ~50%Ā of global digital transactions.
Bilateral trade with Cyprus is currently around USāÆ$150āÆmillion, with potential to greatly expand.
š£ļø MediaFx Opinion
From a working-class, socialist perspective, this pivot in diplomacy is welcome ā building strong trade ties rooted in public-facing reforms boosts real economic equality. But let's ensure such partnerships actually uplift workers, secure fair wages, and defend labour rights ā not just enrich big corporations. Our rural youth deserve visible gains from easing market entry and UPI expansion. Big props for global peace efforts, but real solidarity means making sure ordinary people feel empowered!
š¬ Your Take?
Do you think this IndiaāCyprus push-off will translate into jobs and prosperity for everyday people? Drop your thoughts below! š
