Tech sector key to becoming a USD 7 trn economy by 2030 nasscom's Rajesh Nambiar

New Delhi, Apr 3 (PTI) As India looks to become a USD 7-trillion economy by 2030, the tech sector is poised to play a pivotal role by contributing about USD 1 trillion to the GDP, driving innovation that solves both domestic and global problems, nasscom's Rajesh Nambiar has said.
     The IT industry body President 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.
     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 said during the inauguration of Startup Mahakumbh.
     "To achieve the ambition of becoming a USD 7 trillion economy for India, I think the tech sector alone will have to contribute roughly about a trillion dollars in terms of GDP, and this will have to drive innovation that won't just solve India's problem but also global problems," he said.
     Nambiar 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 USD 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, Nambiar 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, the nasscom president 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.
     Furthermore, Nambiar noted the need for adequate funding and a favourable business environment to support startups, particularly in accessing domestic and global markets.
     Scheduled from April 3-5, 2025, Startup Mahakumbh will see a multitude of startups, investors, and industry leaders from over 50 countries.

(This story has not been edited by THE WEEK and is auto-generated from PTI)