Has Our Government Prioritized Tax Reforms and Business Ease?

Limassol (Cyprus), June 16 (NationPress) Emphasizing India's swift economic advancement and enormous potential at the India-Cyprus CEO Forum, Prime Minister Narendra Modi declared that India has ascended to the position of the fifth-largest economy globally and is on track to soon become the third largest.

During his address at the India-Cyprus CEO Forum in Limassol on Sunday (local time), the Prime Minister stated that through the implementation of tax reforms such as GST, modifications to corporate tax, and the decriminalization of numerous laws, his government has prioritized the ease of doing business alongside maintaining clear and stable policies.

"Friends, you are well aware that we have initiated tax reforms. The 'one nation, one tax' system was introduced with GST. Corporate tax has been adjusted. We have decriminalized thousands of laws. We ensure equal focus on the ease of doing business as well as the trust in doing business. Today, India has a clear and stable policy framework," he emphasized.

PM Modi noted that this visit marks the first time in two decades that an Indian Prime Minister has visited Cyprus.

The initial event during this visit was a business forum, highlighting the significance attributed to the economic sector.

"Numerous Indian companies view Cyprus as a gateway to Europe. Current mutual trade stands at $150 million, but the true potential of our relationship is far greater. Many of you have connections to India," he remarked.

"In the past decade, India has emerged as the fifth largest economy globally and is rapidly moving towards becoming the third largest. Today, India is one of the fastest-growing emerging economies in the world... We have a clear policy in place," he added.

PM Modi also pointed out the substantial digital transformation in India, noting that 50% of global digital transactions occur through the Unified Payments Interface (UPI).

This digital evolution has been transformative for the nation, enhancing financial inclusion and fostering innovation, he stated.

"For the first time in six decades, the same government has been elected for a third consecutive term. A digital revolution has transpired over the last decade. Financial inclusion serves as a prime example. Currently, 50% of the world’s digital transactions occur in India through UPI," PM Modi said.

The Prime Minister expressed enthusiasm about discussions to integrate Cyprus into UPI, similar to France, adding, "Many countries, including France, have joined this initiative. I welcome the ongoing discussions to include Cyprus."

He underscored India's growing economic prowess and its commitment to futuristic infrastructure development.

PM Modi elaborated on key focus areas, including the new Manufacturing Mission, maritime and port development, shipbuilding, and a rapidly growing civil aviation sector.

The Indian government has initiated the Manufacturing Mission to bolster the country's manufacturing sector with an emphasis on electronics, information technology, semiconductors, biotech, and green development, he highlighted.

This initiative aims to position India as a global hub for semiconductor production and stimulate economic growth.

"We are committing over one hundred billion dollars annually to develop futuristic infrastructure in India. This year’s budget initiated the Manufacturing Mission. Our priorities include maritime and port development, and we are also focusing on shipbuilding and shipbreaking. A new policy is forthcoming for this. The civil aviation sector is advancing rapidly. Innovation has become a vital pillar of India’s economic strength. More than 100,000 startups are offering solutions, not just dreams," PM Modi conveyed.

He called upon investors to leverage India's growth narrative, highlighting the country’s favorable policies, flourishing market, and expanding talent pool.

PM Modi encouraged companies to co-develop, co-design, and co-produce in India, capitalizing on economic and technological advancements.

He reiterated that this visit marks the first for an Indian Prime Minister in over two decades.

The inaugural event was a business forum, illustrating the significance of economic partnerships between India and Cyprus.

"After twenty-three years, an Indian Prime Minister has come to Cyprus. The first event is a Business Round Table, showcasing the importance of our economic ties. I have attentively listened to your insights," PM Modi stated.

He acknowledged Cyprus’ dedication to strengthening economic relations with India.

"I recognize your commitment to enhancing India-Cyprus economic ties. There exists immense potential for our relationship to advance. Cyprus has long been a trusted partner, and substantial investments have been made in India from here," he affirmed.

PM Modi remarked on the rapid growth of the Indian economy in the civil aviation and startup sectors, with a multitude of unicorns emerging.

"The civil aviation sector is also witnessing rapid growth. Indian companies have ordered over 1,000 aircraft. Innovation has become a cornerstone of India’s economic strength. Our more than 100,000 startups do not merely dream; they provide solutions. Hundreds of these have achieved unicorn status. India balances economic growth with ecological responsibility," he added.

PM Modi emphasized India's commitment to ensuring a sustainable future.

"India is devoted to paving the way for a clean and green future. By 2030, we are swiftly approaching the goal of 500 gigawatts of renewable energy. We are advancing green shipping initiatives and working towards making the railways 100% carbon neutral by 2030. Our AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, and Nuclear Power Mission are becoming the new engines of growth," he stated.

PM Modi is currently on a two-day visit to Cyprus from June 15 to 16, invited by President Nikos Christodoulides, marking the first visit by an Indian Prime Minister in over 20 years.