Krishnakumar Natarajan, chief executive officer & managing director of Mindtree, on Monday succeeded N Chandrasekaran as industry body Nasscom's new chairman.

The software industry body Nasscom (the National Association of Software & Services Companies) represents Indian IT-BPO industry, which reached $100 billion in 2012-13.

Chandrasekaran, chief of TCS, served Nasscom as the Chairman for the year 2012-13; and Natarajan will serve the industry body for the year 2013-14.

Commenting on his appointment as Nasscom's new chairman, Natarajan said, "I feel privileged and look forward to lead Nasscom in its next journey of taking the industry to achieve the vision and aspiration of $300 billion revenues by 2020."

Natarajan added that Nasscom played a crucial role in propelling the IT-BPO industry of India to growth to $100 billion in worth last year.

He also stressed that there was a need to provide a boost to entrepreneurship because a lot of innovation in technology would come through startups. He added that he was now looking forward to lead Nasscom in its next journey of helping the industry to achieve $300 billion in revenues by the end of current decade.

The industry body also appointed Cognizant Group CEO (T&O) R Chandrasekaran as the Vice Chairman of its Executive Council.