According to the Nasscom report, Web3 skill in India is likely to expand faster than in other countries over the next two years.
The Web3 industry in India is expanding, with a slew of profits set to hit the country’s economy in the next years. According to a recent research from Nasscom, the Indian economy is likely to earn more than a trillion dollars from the Web3 sector over the next decade. The assessment is also said to have been supported by the US-India Strategic Partnership Forum (USISPF). According to several sources, the growth of Web3 in India is being driven by technical skill, with India having the smallest supply-gap in compared to the US, UK, and China.
Many Indian Web3 ventures have attracted the attention of worldwide investors in recent years. Among these projects are blockchains such as Polygon and crypto exchanges such as CoinDCX, UnoCoin, and CoinSwitch Kuber.
According to the Nasscom report, Web3 talent in India is likely to expand faster than in other tech-savvy countries during the next two years. “India is predicted to be one of the fastest expanding economies, increasing at an average of 7% between 2022 and 2026,” the report said. report said.
The news comes just days after another Nasscom survey revealed that India is home to 11% of the world’s total Web3 talent. According to the previous survey, the Indian IT sector directly employs almost 75,000 blockchain workers now.
The numbers seem to have piqued the interest of the country’s Web3 community.
Meanwhile, investments in Indian crypto businesses have increased 37 times, attesting to the emerging culture and Web3 usage. Through April 2022, the Indian Web3 ecosystem has raised $1.3 billion (approximately Rs. 10,769 crore) in financing.
Nasscom has recommended that the government and the Web3 community of India collaborate to experiment with blockchain technology in order to develop varied use cases.
“Accept a risk-based regulatory strategy.” Bring together varied ecosystem participants – Web3 startups, policy experts, investors, major enterprises, and government agencies in constructive dialogues to enhance India’s Web3 potential,” Nasscom said.
Nasscom, or the National Association of Software and Service Companies, is India’s major non-government technology trade organisation, founded in 1988 and located in New Delhi.
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