On Sunday, June 15, Prime Minister Modi announced that talks are ongoing regarding Cyprus being a part of the Unified Payments Interface (UPI) network.
"Today, 50% of the world's digital transactions take place in India through UPI. Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and i welcome it," said PM Modi.
At the India-Cyprus CEO Forum in Limassol, PM Modi highlighted that many countries, including France, are already associated with UPI. He added that this was a symbol of India's digital transformation and financial inclusion.
PM Modi used the platform to showcase India's economic resilience and innovation-led growth. He emphasized that the country had witnessed a digital revolution over the past decade. It would enable inclusive financial services for millions.
"Financial inclusion has become an example of this," he stated. The government is investing over $100 billion annually in futuristic infrastructure. The scale of India's infrastructure ambitions have been highlighted. He also highlighted key focus areas from this year's budget, a renewed push toward maritime and port development and the launch of the Manufacturing Mission. Shipbuilding and shipbreaking are going to see a new policy being made.
PM Modi underlined India's emergence as a global innovation hub. "Our more than 1 lakh startups sell solutions, not just dreams," Modi said. He reminded people of the rapid growth in the civil aviation sector and emphasized the importance of innovation as a cornerstone of India's economy.
UPI is India's real-time digital payment system which has become a global model for seamless and secure transactions. While enhancing cross-border financial connectivity, the move to integrate Cyprus into the UPI ecosystem is expected to deepen economic and technological ties.
