Global Web3 growth is expected to add $1.1 trillion to the Indian economy over the next decade. It is backed by investment from over 450 internal startups including CoinDCX, Polygon and CoinSwitch.
A recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association.emphasizeIndia’s position as the leading global player in the Web3 market is due to a number of factors covering high talent pool, acceptance rate, , and product development for international markets
The US-India Strategic Partnership Forum (USISPF) estimates that “Web3 could add $1.1 trillion in new economic value to India’s GDP over the next 10 years.”
The study also highlights that investment in Indian Web3 startups has increased 37-fold over the past two years. The rapid growth of Web3 in the country is further supported by a growing talent pool. This leaves the gap between India’s demand and supply the lowest compared to the United States, China and the United Kingdom.
India also ranks first for developing new skills in emerging technologies, which is critical for emerging technologies such as Web3 and blockchain.
Graphic image above Represents the global talent pool for Web3, showing that the US And China continues to outperform India. However, the study estimates that India’s Web3 talent pool will have the fastest growth rate in the next 1-2 years.
India’s Web3 ecosystem also supports a wide range of real-world applications and approximately 60% of local startups have expanded beyond India.
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