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India has emerged as a leading global player in the Web3 market, claims a new report from Nasscom. Web3’s investments in the country grew 37 times from the beginning of 2020 to the first quarter of 2022 and An estimated $1.1 trillion in economic value from Web3 will 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” on Wednesday. Founded in 1988, Nasscom is a non-profit industry association for the technology sector in India. The organization has over 3,000 members, representing 90% of the industry’s revenue, details from its website.

The report states:

India has emerged as a leading global player in the Web3 market, with a competitive talent pool, high adoption rates and products built for the world.

The total number of Web3 startups in India in the first half of this year was over 450; they have raised over US$1.3 billion since 2020. The average deal size in 2021 was around US$10 million and there were over 70 institutional investors active in the Indian Web3 space in 2021.

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“Web3’s focus grew rapidly in India in 2015-17 with the launch of Ethereum, in line with global growth, but grew phenomenally in 2020-21 following the lifting of the national cryptocurrency ban,” the report details, elaborating:

Investments in Web3 grew 37x from early 2020 to Q1 2022.

Furthermore, the report estimates that US$1.1 trillion in economic value from Web3 will be added to India’s GDP by 2032.

Cryptocurrency has never been banned in India. However, the central bank, the Reserve Bank of India (RBI), has imposed a banking ban on the cryptocurrency industry that the supreme court suspended in March 2020. In May of last year, the RBI confirmed that its cryptocurrency banking ban did not it was more valid. However, the central bank continues to have “major concerns” about cryptocurrencies.

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“However, Web3’s Indian startups see major obstacles to expansion due to a lack of regulatory clarity and policy direction, risking India’s competitive advantage,” the report describes, concluding:

Web3 will be a game changer for economies that can bring together the right ecosystem partners to take the right steps from the start to facilitate this industry.

Debjani, president of Nasscom, was quoted by local media as saying:

India’s rapid adoption of new-age technologies, its growing startup ecosystem and the potential for large-scale digitally skilled talent are cementing the country’s position on the global Web3 landscape.

“While we are just scratching the surface when it comes to emerging technology like Web3, Techade will be about technology making significant advances leading to innovative use cases and amplified positive impact at the grassroots level,” she opined.

What do you think about India emerging as a leading global player in the Web3 market? Let us know in the comments section below.

Kevin Helms

Austrian economics student Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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