Technology sector crucial for India's Rs. 5,97,17,000 crore (US$ 7 trillion) economy goal by 2030: NASSCOM President Mr. Rajesh Nambiar

India's technology sector is set to play a crucial role in the country’s goal of becoming a Rs. 5,97,17,000 crore (US$ 7 trillion) economy by 2030, contributing around Rs. 85,31,000 crore (US$ 1 trillion) to the Gross Domestic Product (GDP). NASSCOM President Mr. Rajesh Nambiar emphasised that deep tech innovation will be a key driver, transforming industries like healthcare and financial services. India, now the world’s third-largest startup ecosystem with around 35,000 startups, added the second-highest number of unicorns globally last year. The surge in tech startup Initial Public Offerings (IPOs) in 2024, tripling from the previous year, further highlights this momentum. The sector contributed Rs. 24,14,273 crore (US$ 283 billion) to the GDP in 2024, making up 7.3%. Mr. Rajesh Nambiar stressed the importance of India shifting from a tech user to a global innovator, owning intellectual property, leading in patents, and shaping global standards. 

Several structural gaps must be addressed to achieve these ambitious goals, including improving valuation models for deep tech ventures, fostering collaboration between academia, industry, and government, and increasing global patent filings. Strengthening Research and Development (R&D) investments, ensuring adequate funding, and creating a supportive business environment for startups are also essential. The upcoming Startup Maha Kumbh, with participants from over 50 countries, aims to boost this growth. He emphasised that deep tech will be the fulcrum of India’s transformation, helping solve domestic and global challenges and reinforcing the country's position as a leader in technological innovation. 

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