Over the next ten years, the global Web3 boom is anticipated to contribute $1.1 trillion to the Indian economy, supporting the momentum created by over 450 in-house firms, including CoinDCX, Polygon, and CoinSwitch, that is based on investments.
India is a leading global player in the Web3 market due to a number of factors, including a sizable talent pool, a high adoption rate, and product development for international markets, according to a recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association and advocacy group.
According to the US-India Strategic Partnership Forum (USISPF), Web3 can boost India’s GDP by $1.1 trillion over the next ten years.
37x Growth Since 2020
The report also showed that by recording a 37x growth over the previous two years, investments in Indian Web3 firms paralleled the uptake of cryptocurrencies. The country’s rapid Web3 growth is further aided by an expanding skill pool, making India the country with the smallest demand-supply gap when measured against the USA, China, and UK.
India Top In Tech Reskilling
Additionally, India is ranked top in terms of reskilling in more recent technologies, which is crucial in developing technologies like Web3 and blockchain.
The talent pool for Web3 is represented in the image above, with China and the US dominating India. However, the report predicts that in the next two years, India’s Web3 skill pool would grow at the quickest rate.
The Indian Web3 ecosystem supports a wide range of practical applications, and almost 60% of the local startups have expanded their reach outside of India. Locals may now test out and buy products from brands like Puma and Nivea in a metaverse area called Flipverse thanks to the recent arrival of Indian e-commerce giant Flipkart.
Flipverse, which will support digital collectibles and be made accessible on Flipkart’s recently launched online retail site, FireDrops, was created in partnership with the Polygon-incubated group eDAO.
Image Courtesy of Shutterstock
