India’s tech sector to contribute US$1 trn. to GDP by 2030: Nasscom Prez

According to Rajesh Nambiar, president of Nasscom, as India strives to become a US$7 trillion economy by 2030, the technology sector will play a central role, contributing around US$1 trillion to the GDP and powering innovations that address both domestic and global challenges.

Speaking at the inaugural session of Startup Mahakumbh, Nambiar highlighted that India’s path to becoming a Viksit Bharat by 2047 will be shaped not only by economic growth but by the impact of technology-led innovation.

“To achieve the ambition of becoming a US$ 7-trillion economy for India, I think the tech sector alone will have to contribute roughly a trillion dollars in terms of GDP. This will have to drive innovation that won’t just solve India’s problems but global problems as well,” he said.

He underlined the strategic role of deep tech in transforming critical sectors like healthcare and financial services, stating that the ecosystem must evolve from being a user of technology to becoming a creator of it.

India’s tech momentum is already palpable. In 2024, the sector contributed US$283 billion to the GDP, making up 7.3% of the total. The country also tripled its number of tech startup IPOs over the past year and retained its position as the world’s third-largest startup ecosystem, boasting nearly 35,000 startups. Last year, India produced the second-highest number of unicorns globally.

Nambiar emphasised the need for technological sovereignty, defined by the ability to build, own, and scale transformative innovations. “We need to lead in patents, shape global standards, and build intellectual property that defines the future,” he said. Deep tech, he noted, will serve as the “fulcrum of this transformation.”

To realise this vision, he pointed to several structural gaps that must be addressed, including:

• More accurate and supportive valuation models for deep tech ventures
  
• Stronger collaboration between academia, industry, and government
  
• Increased investment in R&D and global patent filings
  
• Better access to capital and markets, both domestic and international
  

Nambiar called for a conducive business environment that fosters scale and sustainability for startups.

The Startup Mahakumbh, scheduled from April 3–5, 2025, will convene startups, investors, and thought leaders from over 50 countries, providing a platform to accelerate India’s innovation narrative on a global stage.

Source: Business Standard