Summary:
India’s technology sector is set to be a driving force in the country’s quest to become a ₹5,97,17,000 crore (US$ 7 trillion) economy by 2030, contributing an estimated ₹85,31,000 crore (US$ 1 trillion) to the Gross Domestic Product (GDP). According to NASSCOM President, Mr Rajesh Nambiar, deep tech innovation will play a transformative role in revolutionising industries such as healthcare and financial services. India, now the world’s third-largest startup ecosystem, saw one of the highest additions of unicorns globally last year. The boom in tech startup Initial Public Offerings (IPOs) in 2024, which surged threefold from the previous year, further underscores this rapid growth. The technology sector accounted for ₹24,14,273 crore (US$ 283 billion) of GDP in 2024, making up 7.3%. Mr Nambiar stressed that India must evolve beyond being a consumer of technology and establish itself as a global powerhouse in innovation and pioneering intellectual property, leading in patent filings and influencing global standards.
To achieve these ambitious targets, critical gaps must be bridged. This includes refining how deep tech startups are valued, strengthening collaboration between industry, academia and government and increasing India’s presence in global patent filings. Greater investment in Research and Development (R&D), improved access to funding and a business-friendly ecosystem will be key enablers. The upcoming Startup Maha Kumbh, which will see participation from over 50 countries, is expected to propel this momentum further. Mr Nambiar reaffirmed that deep tech will be at the heart of India’s transformation, addressing both domestic and global challenges while positioning the country as a leader in cutting-edge technological advancements.
Source: IBEF
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