Nicosia, Jun 16: India will soon become the third-largest economy in the world, Prime Minister Narendra Modi has said, highlighting myriad economic opportunities the country offers to companies from Cyprus.

Modi, who is in Cyprus on the first leg of his three-nation tour, made the remarks as he, along with Cypriot President Nikos Christodoulides, attended a business roundtable on Sunday in Limassol, a city on the southern coast of Cyprus.

The Prime Minister highlighted India’s rapid economic transformation in the last 11 years and noted that the country, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest-growing major economy in the world, the External Affairs Ministry in New Delhi said in a statement.

Emphasising the primacy being given to innovation, digital revolution, start-ups and futuristic infrastructure development, he expressed confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years’ time.

“India will soon become the third-largest economy in the world. India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focusing on ‘trust of doing business’, along with ease of doing business.”

He said that steady growth in India’s civil aviation, port, shipbuilding, digital payments and green development sectors has opened myriad opportunities for companies from Cyprus to partner with India, the statement said.

“For the first time in 23 years, an Indian Prime Minister has visited Cyprus, and the first event that has been organised is the business roundtable meeting. This shows the importance of business leaders in the India-Cyprus relationship,” the Prime Minister said.

He also underlined the strengths of India’s skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor and critical minerals as new and emerging areas contributing to India’s growth story.

“You all (business leaders) are aware of India’s talent and demographic dividend. In the last 10 years, a digital revolution has taken place in India. Around 50 per cent of the world’s digital transactions take place in India, thanks to the Unified Payments Interface or UPI. Countries like France are associated with this, and talks are also underway with Cyprus for this, and I welcome this move,” he said.

Prime Minister noted that Cyprus was a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy.

Modi highlighted the “immense potential for growth” in bilateral ties.

Cyprus has been a “reliable partner to India for a long time now,” he said.

Modi called Cyprus a “famous tourist destination” and added that India, too, is focusing on destination development and management, and so, “close collaboration between our tour operators will be a ‘win-win’”.

He added that many other sectors also have the potential for such collaborations.

Highlighting the potential for business engagement in the financial services sector, the two leaders welcomed the signing of an MOU between the NSE International Exchange GIFT CITY, Gujarat and the Cyprus Stock Exchange, the statement said.

NIPL (NPCI International Payments Limited) and the Eurobank Cyprus reached an understanding on introducing UPI for cross-border payments between the two countries, which would benefit tourists and businesses, it said.

Prime Minister also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services.

Prime Minister welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism.

As Cyprus prepares to assume the Presidency of the EU Council next year, the two leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership, the statement said.

They expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year which would also give a major boost to trade and economic cooperation between the two countries.

Prime Minister underlined that the business roundtable had given practical suggestions which would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation and strategic sectors, he added.

With shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation, the statement said.

The participants of the roundtable represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.

In a post on X after the meeting, Modi said, “Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus.”

“Sectors like innovation, energy, technology and more offer immense potential. I also talked about India’s reform trajectory in the last decade,” he added.

New Delhi, June 16: The world is edging toward a new and more dangerous nuclear arms race, the Stockholm International Peace Research Institute (SIPRI), one of the most credible, independent international institute dedicated to research into conflict, armaments, arms control and disarmament has warned in its Yearbook 2025, released this week.

In an introduction to the annual publication, SIPRI Director Dan Smith says that the framework for nuclear arms control is crumbling, and with it, the fragile restraints on the expansion and modernization of nuclear arsenals. “The signs are that a new arms race is gearing up that carries much more risk and uncertainty than the last one,” he cautions.

India, meanwhile, continues to advance its nuclear capabilities. SIPRI estimates that India modestly expanded its nuclear arsenal in 2024 and is developing a range of new delivery systems. Among them are ‘canisterized’ missiles, which allow for quicker deployment by carrying warheads in a ready-to-launch format, potentially even during peacetime.

SIPRI states that these systems may eventually be able to carry multiple warheads, further enhancing India’s strategic posture. The development aligns with a regional trend: Pakistan is also expanding its capabilities, and tensions between the two countries briefly erupted into armed conflict in early 2025.

According to SIPRI’s Matt Korda, “the combination of strikes on nuclear-related military infrastructure and third-party disinformation risked turning a conventional conflict into a nuclear crisis.”

The SIPRI Yearbook 2025 presents a grim overview of global nuclear trends. Of the estimated 12,241 nuclear warheads in existence at the start of the year, around 9614 are in military stockpiles for potential use, and 3912 are deployed with missiles and aircraft. Around 2100 of these are on high operational alert, mostly in the hands of the United States and Russia.

“The era of reductions in the number of nuclear weapons in the world, which had lasted since the end of the cold war, is coming to an end,” notes Hans M. Kristensen, a senior fellow at SIPRI and Director of the Nuclear Information Project at the Federation of American Scientists. Instead, he says, the world is witnessing growing stockpiles, aggressive modernization efforts, and deteriorating arms control mechanisms.

China is the fastest-growing nuclear power, now believed to have over 600 warheads and rapidly building hundreds of new intercontinental ballistic missile (ICBM) silos. By 2035, it could possess as many as 1500 warheads, still far fewer than the U.S. or Russia, but enough to alter strategic calculations globally. Beijing’s arsenal expansion, according to U.S. officials, is one reason Washington is under pressure to include China in any future arms control negotiations. However, no such talks are currently underway.

While Russia and the United States maintain about 90 percent of the world’s nuclear stockpiles, bilateral nuclear arms control is in tatters. The New START treaty, the last major agreement limiting their arsenals, is set to expire in 2026. Dan Smith observes that “there are no signs of negotiations to renew or replace it, or that either side wants to do so.” U.S. President Donald Trump insists any new treaty must include China.

Technological advances are accelerating instability. SIPRI warns that new tools ranging from artificial intelligence (AI) and cyber operations to space-based sensors, missile defences, and quantum technologies, are reshaping deterrence and crisis dynamics. As Smith notes, “AI and other technologies speed up decision making in crises, [so] there is a higher risk of a nuclear conflict breaking out as a result of miscommunication, misunderstanding or technical accident.”

Traditional arms control frameworks, which rely on numerical limits, may no longer be adequate in this rapidly evolving landscape.

Beyond the nine nuclear-armed states—the U.S., Russia, the UK, France, China, India, Pakistan, North Korea, and Israel—SIPRI year book sees growing interest among other nations.

In Europe, East Asia, and the Middle East, national debates have intensified around nuclear weapons development and hosting. Belarus continues to claim that Russian nuclear arms are now stationed on its territory. Some NATO countries have expressed willingness to host U.S. weapons. French President Emmanuel Macron has revived calls for a “European dimension” to France’s nuclear deterrent.

The risks are not merely theoretical. As Korda notes, nuclear weapons “do not prevent conflict” and may even increase dangers. “They also come with immense risks of escalation and catastrophic miscalculation, particularly when disinformation is rife, and may end up making a country’s population less safe, not more.”

North Korea, for its part, continues to expand its nuclear programme, with around 50 warheads already assembled and material for 40 more, according to SIPRI. South Korean intelligence believes Pyongyang is close to deploying a tactical nuclear weapon. In Israel, which maintains ambiguity about its arsenal, testing activity at missile sites and reactor upgrades suggest continued modernization.

Even in countries with mature arsenals, modernization is both extensive and expensive. The United States faces delays and cost overruns in replacing its strategic systems, while Russia’s programme has suffered from failed missile tests and slower-than-expected upgrades. Still, both powers are poised to expand deployed warheads once treaty constraints lapse.

India’s growing capabilities reflect the shifting centre of nuclear gravity to Asia. As SIPRI notes, the South Asian region remains one of the most volatile nuclear flashpoints. The brief hostilities between India and Pakistan earlier this year, though contained, highlighted the thin line between conventional and nuclear conflict.

With the architecture of arms control fraying and global security deteriorating, compounded by the wars in Ukraine, Gaza, and elsewhere, the SIPRI Yearbook 2025 delivers a stark message: the world is entering an era of growing nuclear danger, with fewer guardrails than ever before.

Tel Aviv, Jun 16: Iran launched a new wave of missile attacks on Israel early Monday, triggering air raid sirens across the country as emergency services reported projectiles striking and shrapnel falling in Israel’s north and centre, wounding at least 67 people.

Powerful explosions, likely from Israel’s defence systems intercepting Iranian missiles, rocked Tel Aviv shortly before dawn, ushering in a fourth day of open warfare between the regional foes. Plumes of black smoke rose into the sky over the major coastal city.

Authorities in the central Israeli city of Petah Tikva near Tel Aviv said that Iranian missiles had hit a residential building there, charring concrete walls, blowing out windows and heavily damaging multiple apartments. There was no immediate word on the number of casualties from that strike as rescuers searched through the ruins.

Israel’s Magen David Adom emergency service said it was treating 67 wounded people evacuated from four different places hit by missile strikes. It said most of the people were in moderate or mild condition.

Iranian state TV said the country fired at least 100 missiles at Israel, signalling that it had no intention of yielding to international calls for de-escalation as it pressed on with its retaliation for Israel’s surprise attack Friday on Tehran’s rapidly advancing nuclear programme and military leadership.

The latest salvo comes after a weekend of escalating tit-for-tat attacks between Israel and Iran that raised fears of a wider, more dangerous regional war.

Iran on Sunday said Israel struck oil refineries, killed the intelligence chief of the paramilitary Revolutionary Guard and hit population centres in intensive aerial attacks that raised the death toll from Israel’s campaign to 224 people. Health authorities also reported that 1,277 were wounded, without distinguishing between military officials and civilians.

Israel said Iran had fired over 270 missiles since Friday, 22 of which slipped through the country’s sophisticated multi-tiered air defences and caused havoc in residential suburbs, killing 14 people and wounding 390 others as of late Sunday.