Tech sector crucial for India`s $7 trillion economy goal by 2030: Nasscom`s President
IT industry body Nasscom President Rajesh Nambiar has said that as India looks to become a $7-trillion economy by 2030, the tech sector is poised to play a pivotal role by contributing about $1 trillion to the GDP, driving innovation that solves both domestic and global problems. He emphasised the critical role of technology in shaping India's future and noted that achieving this goal will require the tech sector to lead in innovation, particularly through deep tech, which will be instrumental in transforming various sectors such as healthcare and financial services.
Nambiar said India's vision of becoming a Viksit Bharat by 2047 will be shaped not just by economic growth, but by the depth and the impact of technological innovations. He underscored India's strong position in the global startup landscape, with the country now standing as the third-largest startup ecosystem worldwide. He pointed out that India's startup base is approximately 35,000 strong, and the nation added the second-highest number of unicorns globally last year. This momentum is further bolstered by the tripling of tech startup IPOs in 2024 compared to 2023. Additionally, the tech sector contributed a significant $283 billion to India's GDP in 2024, accounting for about 7.3 per cent of the total GDP.
Emphasising technological sovereignty as a national imperative, Nasscom President highlighted the need for India to transition from being a user of technology to a creator and builder of transformative technologies. This involves leading in patents, shaping global standards, and owning intellectual property that drives global progress. The deep tech ecosystem will be the fulcrum of this transformation, enabling India to lead globally by creating solutions to humanity's toughest problems. To achieve these ambitious goals, he identified several key areas that require attention. These include addressing structural gaps in the ecosystem, such as improving valuation models for deep tech ventures and enhancing collaboration between academia, industry, and government. He also stressed the importance of increasing global patent filings and investing in higher R&D.
