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HomeNewsGovTechIT sector should create 500-600 companies with over Rs 5,000 cr revenue in 5 years: Rajeev Chandrasekhar

IT sector should create 500-600 companies with over Rs 5,000 cr revenue in 5 years: Rajeev Chandrasekhar

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The Union minister of state for IT, Rajeev Chandrasekhar, said the massive digitization initiatives over the past years and the post-Covid world scenario have brought out ‘the biggest opportunity’

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IT technocrat turned politician, Union minister has asked the Indian IT industry to have 500-600 companies with Rs 5,000 crore or above revenue in 3-5 years, from its current tally of 25-30 such firms.

The Union minister of state for Electronics and IT while speaking at the CII annual meeting, said the massive digitization initiatives in the country over the past years and the post-Covid world scenario have brought out “the biggest opportunity like no other time in history.”

The minister while asking the to leverage its trust and competitiveness to tap global opportunities said that the Indian tech sector at present moment represents an opportunity like never before.

“Currently, there are about 25 Indian tech companies that have Rs 5,000 crore or above revenue. And I think in 3-5 years…I don't say it lightly, the number of companies that can be Rs 5,000 crore and more of revenue… we should have an ambition, and it is a realizable ambition, of taking it from the 25-30 we have today to about 500-600 in the next 3-5 years,” the minister said.

According to the MoS for IT, the post-Covid world has not just changed the way the technology is leveraged during health emergencies but has also helped India emerge as one of the brightest tech destinations.

“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 the last seven years and the post-Covid world opportunity that we have catapulted to, represent the biggest opportunity like no other time in history,” the minister said.

The world has woken up to the strengths of the Indian IT sector, whose proven attributes also represent the fundamental attributes of the tech supply chain, he observed.

Trust and competitiveness have become important for all global companies, large and small, as they seek new strategies in the post-Covid world.

“That is the trigger for the Indian tech sector to suddenly expand their ambition and appetite…I have looked at potential opportunities for growth. I would squarely put this in a sandbox, this is an ambition we should place as ambition for the tech sector, that there should be 500-600 companies that are Rs 5,000 crore and more,” he said.

The minister said the government will continue to work on making dos and don'ts of operating on the internet, and the tech space “simple”. “We want cyber laws and rules of operation to be as simple as possible,” he said.

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Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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