He succeeds Som Mittal, who served as the President of Nasscom from 2007-13.
"I feel privileged and look forward to leading Nasscom in its next journey of achieving the vision and aspiration of USD 300 billion revenues by 2020. The opportunities are very vast at this particular juncture and exciting times lie ahead for the industry," Chandrashekhar told PTI.
He said the future looks positive for the Indian IT-BPM industry as the sector is evolving dramatically in terms of scale, complexity and innovation.
"The rapidly accelerating trend of innovation and entrepreneurship in the ICT sector impacts several domains and provides clear indicators that the journey has begun," Chandrashekhar said.
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He added that changing models will bring compelling business innovations across key verticals such as banking, financial services and insurance, telecom, healthcare, education and social entrepreneurship.
He said the Indian IT-BPM industry, which is primarily export-driven, is at an inflexion point as business models shift from traditional labour-based onsite-offshore model to cloud-based and off-premise solutions.
Earlier, he had established the first Department of Information Technology in the country in the state of Andhra Pradesh and was Secretary of the Department from June, 1997 to December, 1999.
Besides the National Telecom Policy 2012, he played a key role the first National IT Policy and National Policy on Electronics during his dual role of IT and Telecom Secretary at the centre.