In an exclusive talk with analyst, blockchain and AI expert Sanjay Saxena said that India is on track to become a world leader in web3 technology.
India is a great place for web3 and blockchain technologies to grow because it has over 750 million daily internet users and a strong IT sector that makes up 7.5% of its $3.9 trillion economy. The country is very good at technology, as shown by its digital competitiveness number of 60, which is higher than all BRICS countries except China.
More than 1,000 startups in India are looking into blockchain technologies, which shows how quickly the web3 field is growing. The web3 market could be worth more than $1 billion by 2032, according to predictions. Saxena sees a rise in the number of web3 developers from India.
India’s Rising Developer Percentage
They now make up 12% of all web3 developers around the world, up from 3% in 2018.Early adopters of blockchain classes include the Indian Institutes of Technology and the National Institutes of Technology. These schools are training a skilled workforce for future problems that will arise in decentralized technologies.
This rise is also helped by government programs. The government is committed, as shown by the Central Bank Digital Currency project and the Ministry of Electronics and Information Technology’s blockchain structure. States like West Bengal and Tamil Nadu are using blockchain projects to keep land records and data safe.
There is also participation from the private industry. Tech Mahindra’s “Stablecoin-as-a-Service” is aimed at global banks. Reliance uses blockchain in its supply chain, and Infosys has made blockchain apps for banks and insurance companies.
Even with these improvements, there are still problems. Lack of clear regulatory frameworks and unclear tax laws make it hard for web3 startups to succeed, so talented people and companies move to places that are better for them.
To help India reach its full potential as a Web3 hub, Saxena suggests that the government offer tax breaks and improve support for infrastructure. He says that India is ready to be a leader in the web3 space because it has a lot of skilled workers, an environment that supports them, and government programs that help it grow.
