PM addresses webinar on effective implementation of Budget provisions in DIPAM

Published By : Admin | February 24, 2021 | 17:42 IST
QuoteThis year's budget has put forward a clear roadmap to take India back to the high growth trajectory: PM Modi
QuoteBudget focuses on the strong contribution of the private sector in India's development: PM Modi
QuoteThe Government has no business to be in business: PM Modi

Prime Minister Shri Narendra Modi addressed a webinar on effective implementation of Budget provisions in DIPAM today through video conference.

Addressing the webinar, the Prime Minister said this budget has put forward a clear roadmap to take India back to the high growth trajectory. He added that the budget also focuses on the strong contribution of the private sector in India's development. He stressed on the importance of Disinvestment and Asset Monetization. He added the time and needs of the country when the public sector enterprises were started were different from today. He said the biggest goal of these reforms is to properly utilize the public money. Many Public sector enterprises are loss making and are supported by taxpayers’ money and due to this the economy is also burdened. He said Public sector enterprises need not be kept running just because they've been running for so many years. He said it is the responsibility of the government to give full support to the enterprises of the country but at the same time, the Government has no business to be in business.

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The Prime Minister said that the focus of the Government should be on the welfare of the people and on the development related projects. He added that the Government works with several limitations and hence it is not easy to take Commercial decisions. He said that the effort of our government is to improve the standard of living of the people, besides reducing the government's unnecessary interference in the lives of the people. He added that that is, there should be no lack of government or influence of government in life. He said there are a lot of underutilised and unutilized assets in the country and the National Asset Monetisation Pipeline was announced with this in mind. He said that the Government is going ahead with the mantra of 'Monetise & Modernise' and when the Govt monetises, that space is filled by the private sector of the country. He added that the private sector brings investment and best global practices with them.

The Prime Minister said the money that comes from monetization of public assets and privatisation can be used in public welfare schemes. He added privatization would empower the youth with better employment opportunities. He said that the Government is committed to privatize all the sectors except strategic ones. A clear roadmap for investments would be drafted. This would create new investment opportunities and immense employment opportunities in every sector.

The Prime Minister said the Government is moving in this direction with full commitment, with equally high priority on the implementation of these policies. He also said that to ensure transparency and our procedures are correct to ensure competition, it is very important to have a stable policy.

The Prime Minister said an Empowered Group of Secretaries has been formed to connect with the investors and remove their issues rapidly. Likewise single point of contact for the investors have been made to improve the ease of doing business in India. He said over the years, our government has continuously reformed to make India an important destination for business and today India is equipped with one market-one tax system. He said today companies in India have excellent channels for entry and exit. He added that we are constantly making complexities related to compliances simpler and quickly solving logistical problems and today, India's tax system is also being simplified and transparency is being strengthened.

The Prime Minister said that India has taken unprecedented reforms on FDI policy and Production Linked Incentive has been introduced to encourage investors. He said this has resulted in record inflow of FDI in the past few months. He added for developing Aatmanirbhar Bharat, we are swiftly working on modern infrastructure and multimodal connectivity. He said that in the next five years, we would be spending Rs 111 trillion to upgrade our infrastructure through the National Infrastructure Pipeline. He added that these expectations of the world's largest young nation are not only from the government, but also from the private sector and these aspirations have brought a huge opportunity of Business so let us all use these opportunities.

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Joint declaration on the implementation of the comprehensive partnership between the Republic of Cyprus and the Republic of India
June 16, 2025

A Historic Visit and Enduring Partnership

The President of the Republic of Cyprus, Mr. Nikos Christodoulides, warmly welcomed the Prime Minister of the Republic of India, Shri Narendra Modi, for an official visit to Cyprus from 15 to 16 June 2025. Prime Minister Modi’s visit, the first by an Indian Prime Minister to Cyprus in over two decades, marks a historic milestone and reaffirms the deep and enduring friendship between the two nations. The visit celebrates not only a shared history, but a forward-looking partnership, rooted in a joint strategic vision and mutual trust and respect.

The two leaders held wide-ranging discussions on bilateral, regional, and global issues, underscoring the growing breadth and depth of cooperation between Cyprus and India. They welcomed recent progress in economic, technological, and people-to-people ties, reflective of the dynamic and evolving nature of the relationship.

Acknowledging the increasing alignment of their values, interests, international outlook and vision, both sides expressed their determination to further advance this partnership across key sectors.Cyprus and India committed to deepening their cooperation as trusted and indispensable partners contributing to regional and global peace, prosperity, and stability.

They agreed on the following joint declaration:

Shared Values and Global Commitments

The two leaders underscored their shared commitment to peace, democracy, the rule of law, effective multilateralism, and sustainable development. They reaffirmed their support for a rules-based international order, grounded in the UN Charter and international law, placing particular emphasis on the United Nations Convention on the Law of the Sea (UNCLOS), with regard to freedom of navigation and sovereign maritime rights.

The leaders reaffirmed their unwavering support for the sovereignty and territorial integrity of all nations. They held detailed discussions on international issues, including the situation in the Middle East and the war in Ukraine. The two leaders also discussed the importance of upholding the global non-proliferation architecture, recognizing the value of India joining the Nuclear Suppliers group.

The leaders expressed their intention to strengthen coordination within international organizations, including within the United Nations and the Commonwealth, and agreed to work closely on implementing the 2024 Apia Commonwealth Ocean Declaration, highlighting ocean governance as a pillar of global sustainability and resilience. In this context, the inaugural Commonwealth Ocean Ministers Meeting was held in April 2024 in Cyprus, also marked the establishment of the Blue Charter Centre of Excellence to advance sustainable ocean governance and strengthen capacity across Commonwealth member states.

Both Leaders discussed the need for reform of the United Nations Security Council, including ways to make it more effective, efficient, and representative of the contemporary geopolitical challenges. The two Leaders expressed support to forward movement in the Intergovernmental Negotiations on United Nations Security Council reform, and reiterated their commitment to make continuous efforts to move towards text-based negotiations. Cyprus reiterated its support for the enhancement of the representative character of the United Nations Security Council expansion with India as a permanent member in an expanded United Nations Security Council.

Both sides agreed to engage in close co-operation and support each other at the United Nations including supporting each other’s candidacies to multilateral forums.

Political Dialogue

The two sides agreed to hold regular political dialogue and to utilize existing bilateral mechanisms, inter alia those between the Ministry of Foreign Affairs of the Republic of Cyprus and the Ministry of External Affairs of the Republic of India, to streamline coordination and advance cooperation across various sectors. The above competent Ministries shall overview and monitor the implementation of the areas of cooperation included in the Action Plan that is to be prepared, in close coordination with the competent authorities of both countries.

Support for Sovereignty and Peace

Cyprus and India expressed their strong commitment to the resumption of UN-facilitated efforts to achieve a comprehensive and lasting settlement of the Cyprus Question on the basis of a bizonal, bicommunal federation with political equality, in accordance with the agreed UN framework and the relevant United Nations Security Council Resolutions.

India reiterated its unwavering and consistent support for the independence, sovereignty, territorial integrity, and unity of the Republic of Cyprus. In this regard, both sides emphasized the need to avoid unilateral actions as essential for creating a conducive environment for the resumption of meaningful negotiations.

Security, Defence, and Crisis Cooperation

Cyprus and India unequivocally condemned terrorism and violent extremism in all its forms and manifestations, including international and cross-border terrorism, and reaffirmed their shared commitment to countering hybrid threats that undermine peace and stability.

Cyprus expressed solidarity and unwavering support to India in its fight against cross-border terrorism. The two leaders strongly condemned the gruesome killing of civilians in the recent heinous terrorist attacks in Pahalgam, Jammu & Kashmir, India. They reiterated their zero-tolerance approach to terrorism, rejecting any justification for such acts, under any circumstances. They emphasized that those responsible for the attacks should be held accountable.

The leaders urged all States to respect the sovereignty of other nations and condemned cross-border terrorism in all its forms. They called for the disruption of terrorism financing networks, elimination of safe havens, dismantling of terrorist infrastructure, and bringing perpetrators of terrorism to justice swiftly. Emphasizing the need for a comprehensive, coordinated, and sustained approach to combatting terrorism across borders, they underscored the importance of working collaboratively, bilaterally and with the multilateral system.

Both leaders reaffirmed their commitment to strengthening multilateral efforts to combat terrorism and called for the expeditious finalization and adoption of the Comprehensive Convention on International Terrorism within the UN framework. They urged for concerted actions against all UN- and EU-designated terrorists and terrorist entities, associated proxy groups, facilitators, and sponsors, including terrorists under 1267 UNSC Sanctions Committee. They reiterated their strong commitment to continue taking active measures to disrupt terrorist financing channels including through the UN and Financial Action Task Force (FATF).

Acknowledging emerging challenges within the international security environment, the leaders stressed the importance of enhancing strategic autonomy, defence readiness, and defence capabilities.

They agreed to deepen their defence and security cooperation, including through collaboration between their respective defence industries, with a special focus on cybersecurity and emerging technologies.

Recognizing both India and Cyprus as maritime nations with deep-rooted naval traditions, the leaders also discussed expanding cooperation to include the maritime domain. They will encourage more regular port calls by Indian naval vessels and explore opportunities for joint maritime training and exercises to enhance maritime domain awareness and regional security.

In that vein, and in light of ongoing global crises, both sides committed to strengthening cooperation in emergency preparedness and coordinated crisis response. Drawing on past successful efforts, the leaders agreed to institutionalize coordination in evacuation and Search and Rescue (SAR) operations.

Connectivity and Regional Cooperation

Cyprus and India share a strategic vision of serving as bridges between regions. Both leaders underscored the significance of the India–Middle East–Europe Economic Corridor (IMEC) as a transformative, multi-nodal initiative that fosters peace, economic integration, and sustainable development. Viewing IMEC as a catalyst for constructive regional cooperation, they reiterated their shared commitment to promoting stability in the Eastern Mediterranean and the wider Middle East and emphasized the importance of fostering deeper engagement and corridors of interconnection from the Indian peninsula through the wider Middle East to Europe.

While recognizing Cyprus’ role as a gateway into Europe and, in this context, its prospect to serve as a regional hub for transshipment, storage, distribution, and logistics, they welcomed the prospect of Indian shipping companies establishing a presence in Cyprus, encouraging the advancement of maritime cooperation through joint ventures involving Cyprus-based and Indian maritime service providers as a means of further strengthening economic and logistical ties.

EU–India Strategic Engagement

Looking ahead to Cyprus’ Presidency of the Council of the European Union in early 2026, both leaders reaffirmed their commitment to strengthening EU–India relations. They recalled the milestone visit of the College of Commissioners to India, and expressed satisfaction on the launch of the first India-EU Strategic Dialogue and the progress already made in the priority areas identified during the visit including in trade, defence and security, maritime, connectivity, clean and green energy, and space.

Cyprus pledged to work towards the advancement of the EU-India strategic partnership during the Presidency. Both sides expressed readiness to support the conclusion of the EU–India Free Trade Agreement by the end of this year recognizing its significant economic and strategic potential. They also expressed their support for the ongoing work through the EU–India Trade and Technology Council and committed to sustaining a forward-looking agenda beyond the 2025 Strategic Roadmap to deepen this key global partnership.

Trade, Innovation, Technology and Economic Opportunity

Recognizing the growing strategic complementarity between Cyprus and India, the leaders committed to expanding economic ties through increased trade, investment, and collaboration in science, innovation, and research.

To advance cooperation, the two leaders noted they would welcome a Cypriot high-level delegation visiting India, including business representatives, as well as the organisation of a Cyprus–India Business Forum to promote investment opportunities. The two leaders also addressed the Cyprus–India Business Round Table on Advancing a Strategic Economic Partnership.

Both leaders agreed to promote collaboration in research, innovation, and technology, fostering stronger ties between startups, academic institutions, and industry, and supporting innovation exchanges in key sectors like artificial intelligence, digital infrastructure, and research, with a view of concluding a related MoU.

Mobility, Tourism, and People-to-people Ties

The two leaders recognized people-to-people ties as a strategic asset and multiplier for deepening economic and cultural ties. The two sides will work to finalise a Mobility Pilot Program Arrangement by the end of 2025.

Both sides emphasized the value of fostering mutual understanding through cultural and people-to-people ties. They agreed to explore opportunities for enhancing tourism and the establishment of direct air connectivity between Cyprus and India, as well as enhanced air routes via shared partners, to improve ease of travel and boost bilateral exchanges.

The Future: 2025-2029 Action Plan

This Joint Declaration reaffirms the strategic bond between Cyprus and India. Both leaders noted with satisfaction the progress in ongoing bilateral cooperation and expressed confidence that the partnership will continue to flourish, promoting peace, stability, and prosperity across their regions and beyond.

The leaders agreed that an Action Plan is to be prepared in order to guide bilateral relations between Cyprus and India for the next five years, under the supervision of the Ministry of Foreign Affairs of the Republic of Cyprus and the Ministry of External Affairs of the Republic of India.