A new Nasscom report states that India emerged as the leading player globally in Web3 markets. The country’s Web3 investment grew by 37 percent between the beginning of 2020 and Q1 2022. $1.1 trillion in Web3 economic value is projected to be added to India’s GDP by 2032.
India emerges as a leading global player in the Web3 Market
Nasscom published a report titled “The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier” Wednesday. Nasscom, a non-profit association representing the Indian technology sector was established in 1988. The organization has more than 3,000 members, representing 90% of the industry’s revenue, its website details.
It states that:
India is a global leader in Web3 with its talent pool, adoption rates, and world-class products.
As of June 2018, India had more than 450 Web3 startup companies. They have also raised over $1.3 billion in funding since 2020. In 2021, the average deal was $10 million. There were 70 institutional investors active in Indian Web3 in 2021.
“Web3 focus grew rapidly in India in 2015-17 with the launch of Ethereum, in line with global growth, but grew phenomenally in 2020-21 after the national cryptocurrency ban was lifted,” the report further details, elaborating:
From Q1 2020 to Q1 2022, Web3 investments increased 37x
In addition, the report estimates that $1.1 trillion in Web3 economic value will be added to India’s GDP by 2032.
India has never prohibited cryptocurrency. But, in India, the Reserve Bank of India (RBI) imposed a bank ban that was later lifted by the supreme court. Last May, RBI announced that their crypto banking ban had been lifted. Nonetheless, the central bank continues to have “major concerns” about cryptocurrency.
“However, Indian Web3 startups see major roadblocks in scaling up due to lack of regulatory clarity and policy direction, risking India’s competitive advantage,” the report describes, concluding:
Web3 is a game changer for those economies who can gather the right partners in the ecosystem to make the necessary steps to support this industry early.
Local media quoted Debjani, the president of Nasscom as saying:
India’s rapid adoption of new-age technologies, its growing start-up ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape.
“While we are only scratching the surface when it comes to emerging tech such as Web3, the Techade will be all about the technology making significant advances leading to innovative use-cases and magnified positive impact at a grassroots level,” she opined.
How do you feel about India becoming a major global player on the Web3 Market? Please comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.