Lagatar24 Desk
New Delhi: Prime Minister Narendra Modi is currently on a foreign tour visiting three nations, with Cyprus being his first stop. During this visit, Cyprus honored PM Modi with its highest civilian award, which has sparked excitement within the BJP ranks. Social media is abuzz, with BJP leaders highlighting how many nations have bestowed such honors on Modi, while Congress leaders counter by citing how many countries issued stamps in Jawaharlal Nehru’s name. Amidst these political debates, it’s worth understanding how significant Cyprus is for India.
A Small European Nation With Limited Scale
Cyprus is a small European country with a population of just 1.34 million, ranking 161st globally. In comparison, over 100 cities in India have larger populations. Gaining independence on August 16, 1960, Cyprus has its capital in Nicosia. Greek and Turkish are the primary languages spoken there.
Currently, Cyprus has a GDP of $22.703 billion, with a per capita income of $29,830, placing it 29th globally in income rankings.
Limited Economic Ties With India
Veteran journalist Sheetal P Singh points out that bilateral trade between India and Cyprus stands at approximately ₹1,200 crore annually. To put it in perspective, this amount is even lower than the BJP’s reported annual operating expenditure and falls short of the Uttar Pradesh government’s state advertisement budget.
A Hub For Controversial Financial Activities
Cyprus has long been a preferred destination for financial dealings due to its tax-friendly regime. Until a few years ago, it did not levy any capital gains tax, making it a popular haven for Indian officials and businessmen looking to park unaccounted wealth abroad. Even today, Cyprus is linked to numerous individuals accused of illegally channeling money out of India and legalizing it through complex financial structures.
Connections To The Adani Controversy
Interestingly, Gautam Adani’s elder brother, Vinod Adani, has significant business interests in Cyprus. Vinod Adani was named by the Hindenburg report as a key figure in alleged money laundering activities involving the Adani Group.
