Ashish Chauhan thanks PM Modi for appreciating the NSE-Cyprus Stock Exchange collaboration at GIFT City. PM Modi, during his Cyprus visit, praised India’s economic growth, highlighted GIFT City’s global potential, and promoted initiatives like UPI for cross-border payments and the India–Cyprus–Greece Business Council.
Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), expressed his gratitude to Prime Minister Narendra Modi for recognizing and appreciating the strategic collaboration between the NSE and the Cyprus Stock Exchange at GIFT City, Gujarat. This acknowledgment came during PM Modi’s address at a high-level Business Roundtable Meeting held in Cyprus as part of his diplomatic tour.
Taking to X (formerly Twitter), Chauhan posted, “Thank you @PMOIndia @narendramodi for your interaction with the business community yesterday at Cyprus and appreciating the collaboration between @nse_ix at Gift city Gujarat and Cyprus Stock Exchange.” His statement underscored the importance of the growing relationship between the Indian and Cypriot financial ecosystems.
The collaboration between NSE International Exchange (NSE IX) and the Cyprus Stock Exchange marks a significant step toward integrating international capital markets through GIFT City, India’s first operational International Financial Services Centre (IFSC). GIFT City is fast emerging as a global hub for financial services and fintech innovation, aligning with India’s vision to become a leading economic force on the global stage.
PM Modi Applauds International Financial Collaboration
During his address at the India–Cyprus CEO Forum and the Business Roundtable Meeting, Prime Minister Modi spoke highly of the NSE-Cyprus Stock Exchange alliance. He stated that GIFT City is rapidly gaining international prominence as a global financial centre and emphasized its potential in transforming India’s engagement with global markets.
Further bolstering international confidence in India’s economic roadmap, Modi highlighted that India has already become the fifth-largest economy in the world and is now advancing steadily toward becoming the third-largest.
“In the last one decade, India has become the fifth-largest economy of the world, and in the near future, we are moving very fast towards becoming the third-largest. Today, India is one of the fastest-growing emerging economies in the world,” Modi said, reinforcing the message of stability and growth.
He also spotlighted India’s focused approach to policy and infrastructure development. Among the key areas he outlined were the new Manufacturing Mission, robust maritime and port development, shipbuilding initiatives, and the expansion of the civil aviation sector. These sectors, he said, are positioned as engines of India’s futuristic economic journey.
India–Cyprus–Greece Business Council: A Strategic Milestone
PM Modi also welcomed the formation of the India–Cyprus–Greece Business and Investment Council. This trilateral initiative aims to promote investment flows, enhance economic cooperation, and facilitate stronger business ties among the three nations.
Calling it a “key step toward stronger economic ties,” the Prime Minister underscored the importance of multilateral business forums in supporting India’s global trade vision and deepening regional economic integration.
Advancing Financial Connectivity Through UPI
In another major development aimed at easing cross-border financial transactions, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, has reached an understanding with Eurobank Cyprus. The agreement seeks to enable the Unified Payments Interface (UPI) for cross-border payments between India and Cyprus.
According to an official statement, the initiative will streamline and simplify payments for tourists and businesses alike, reinforcing digital financial inclusion and promoting a more robust tourism ecosystem between the two countries.
The introduction of UPI in cross-border contexts has been a significant element of India’s financial diplomacy, making real-time digital payments accessible across national boundaries and strengthening its financial soft power globally.
A Testament to India’s Global Financial Vision
The appreciation of the NSE-Cyprus collaboration by PM Modi reflects India’s maturing role in global finance. GIFT City has increasingly attracted international exchanges, banks, and fintech firms, positioning itself as a competitive alternative to other international financial centers like Singapore, Dubai, and London.
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The partnership between NSE IX and the Cyprus Stock Exchange is emblematic of the kind of global synergy GIFT City aims to promote — creating a seamless environment for capital markets, boosting investor confidence, and offering a gateway for foreign businesses to engage with India’s dynamic economy.
With high-level government support and strategic global partnerships, India is not only reinforcing its economic footprint but also reimagining its place in the international financial architecture.
