The Web3 sector in India is looking at expansion with bundles of profits ready to befall the country’s economy in the coming years. In a new report, Nasscom said that the Indian economy is expected to gain over a trillion dollars from the Web3 industry through the next decade. The estimate has also reportedly been seconded by the US-India Strategic Partnership Forum (USISPF). As per various reports, the boom of Web3 in India is being brought in by the engineering talent that makes India’s supply-gap the lowest in comparison with the US, UK, and China.
In recent years, many Indian Web3 projects have gathered the eye-balls of global investors. These initiatives include blockchains like Polygon as well as crypto exchanges like CoinDCX, UnoCoin, and CoinSwitch Kuber among others.
The Nasscom study has chalked out that the Web3 talent in India is expected to grow faster than other nations that are sound in tech in the next two years. “India is expected to be one of the fastest growing economies, at an average seven percent during 2022-26,” the report said.
The highlights come just days after another Nasscom study claimed that eleven percent of the world’s total Web3 talent resides in India. The Indian tech industry directly employs nearly 75,000 blockchain professionals today, the previous study had noted.
The statistics have seemingly excited the Web3 community in the country.
India is leading global adopter of DeFi in terms of value
received on-chain, adjusted for PPP
$88 BILLION value received on-chain
in India in 2020-21!
Sources: Chainalysis Global Crypto Adoption Index, NASSCOM India’s Tech Industry Talent report + Zinnov analysis
— rishabhmansur.eth (@rishabhmansur2) October 19, 2022
Meanwhile, the growth of investments in the Indian crypto startups has also risen by 37 times, testifying to the budding culture and Web3 adoption. The Indian Web3 ecosystem has raised $1.3 billion (roughly Rs. 10,769 crore) funding through April 2022 alone.
As part of its recommendations, Nasscom has suggested that the government and the Web3 community of India, together, experiment with blockchain technology to bring out diverse use cases.
“Embrace risk-based regulatory approach. Bring diverse ecosystem players together – Web3 startups, policy experts, investors, large companies, and government entities in constructive discussions to further grow India’s Web3 potential,” the recommendations by Nasscom added.
Founded in 1988 and headquartered in New Delhi, Nasscom or the National Association of Software and Service Companies in India’s primary non-government tech trade body.