Summary:
India’s technology sector is poised to be the cornerstone of the country’s ambition to become a Rs. 5,97,17,000 crore (US$ 7 trillion) economy by 2030, with an estimated Rs. 85,31,000 crore (US$ 1 trillion) contribution to the GDP. NASSCOM President Mr. Rajesh Nambiar underscored that deep tech innovation will serve as a catalyst for transformation, revolutionising key industries such as healthcare and financial services. As the world’s third-largest startup ecosystem, India is fostering a new wave of entrepreneurship, having added the second-highest number of unicorns globally in the past year. The surge in tech startup IPOs in 2024, which saw a threefold increase from the previous year, further underscores this momentum. The sector contributed Rs. 24,14,273 crore (US$ 283 billion) to the GDP in 2024, accounting for 7.3% of the total economy. Mr. Nambiar emphasised the need for India to transition from being a technology consumer to a global innovator, focusing on intellectual property ownership, patent leadership and setting global benchmarks.
To realise this vision, critical structural barriers must be overcome, including refining deep tech valuation models, fostering robust industry-academia-government collaboration and accelerating global patent filings. Enhancing Research and Development (R&D) investments, ensuring sustained capital infusion and creating an enabling ecosystem for startups will be pivotal. The upcoming Startup Maha Kumbh, featuring participants from over 50 nations, is expected to be a springboard for further growth and collaboration. Mr. Nambiar reaffirmed that deep tech will be the linchpin of India’s economic and technological evolution, driving solutions to both domestic and global challenges, while cementing India’s leadership in innovation on the world stage.
Source: IBEF
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