🌟🚀 India is preparing to conquer the world of Web3: the revolution is underway! 🚀🌟
In a powerful statement, a blockchain and AI expert reveals why India is poised to become a Web3 superpower. With over 750 million active internet users and a booming IT sector, India is already on the path to digital dominance. By 2023, its IT sector would account for 7.5% of its $3.9 trillion economy!
The country has achieved a digital competitiveness score of 60, placing it ahead of all other BRICS countries except China. This strong position paves the way for massive support for the promising Web3 and blockchain sector.
India is not talking about becoming a Web3 powerhouse for no reason. It is already home to over 1000 startups exploring these innovative technologies, and the Web3 market could surpass $1 billion by 2032! India’s young population plays a key role, with the share of Web3 developers increasing from 3% in 2018 to 12% by 2023. Educational institutions such as IITs and NITs have been leading the charge in grooming talent in these technologies since 2018.
Government initiatives, such as the Central Bank Digital Currency project and efforts towards a unified blockchain framework, also show an openness to blockchain technology. More than 50% of Indian states are already exploring various blockchain initiatives. Notable examples include Tamil Nadu’s blockchain initiative to secure critical documents and West Bengal’s land mutation NFT program.
The Indian private sector is not being left behind either: Tech Mahindra is launching a "Stablecoin-as-a-Service" solution, Reliance is integrating blockchain into its supply chains, and Infosys is developing blockchain applications for banks and insurance companies.
However, challenges remain, including clear regulatory frameworks needed to support the growth of Web3. Ambiguous tax laws and stringent tax requirements are leading to an exodus of talent to more favourable jurisdictions, limiting India’s potential as a digital innovation hub.
To avoid this loss and maximise its potential, expert Sanjay Saxena calls on the government to provide fiscal incentives and focus on infrastructure development, stressing that India has all the cards in hand to become a leader in the Web3 space.
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