The Indian tech sector should aim to have 500-600 companies with revenues of Rs 5,000 crore or more in the coming three-five years from the current count of 25-30 such firms, as the post-Covid world provides opportunities for the Indian firms to expand their appetites and ambitions, Rajeev Chandrasekhar, MoS for electronics & IT, said on Thursday.
The minister said trust and competitiveness are the two attributes of the tech sector, which have been taken for granted for the last many years but the same two attributes have become important in the post-Covid world as companies across the globe seek a new strategy.
“…so, I think that is the trigger for the Indian tech sector to suddenly expand their ambitions, expand their appetites…we should have an ambition of taking it from the 25-30 that we have today, to about 500 to 600 in the next 3-5 years. I have done the math, I’ve done the arithmetic, I’ve looked at the potential opportunities for growth and I think this is something that we can achieve,” Chandrasekhar said at the CII’s annual meeting.
The minister said one of the top priorities of the government is to drive the connectivity of the internet and cover all Indians by 2024-2025, a large part of that will be driven by the BharatNet project. The minister highlighted the role of technology, which has transformed the financial sector in last several years. Districts which have never had any contact with the government in months could get direct financial transfer in the accounts during the pandemic.
Chandrasekhar further said the massive digitisation initiatives in the country over the past years and the post-Covid world scenario have brought out the biggest opportunities like no other time in history. “We have seen the power of technology in the worst time that a nation could face, which is the Covid pandemic. To me, it seems that the efforts of last seven years and post-Covid world opportunity that we have catapulted to, represent the biggest opportunity like no other time in history,” he said.
He added that the government will work towards simplifying cyberlaws for ease of doing business and focusing on high tech like quantum computing and artificial intelligence (AI).