February 6, 2023

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The worldwide progress in the Web3 sector is anticipated to contribute $1.1T worth to the economy of India during the coming decade, backing the investment-based momentum motivated by more than 450 in-house ventures, taking into account CoinSwitch, Polygon, and CoinDCX.

Web3 to Insert $1.1 Trillion in the GDP of India by 2032, Says a Study

Recently, a study has been conducted on the behalf of the National Association of Software and Service Companies (NASSCOM) – an India-based advocacy group and trade association that is non-governmental.

This study brought to the front that the position of India as a prominent worldwide entity in the sector of Web3 owing to many factors dealing with a huge talent pool and an advanced adoption rate along with the international market-related product development.

As estimated by the US-India Strategic Partnership Forum (USISPF), an enormous figure of up to $1.1T could be added by the Web3 world to the economic value of the GDP of India during the upcoming ten years.

Apart from that, the study disclosed that the investments made into Web3-related startups in India mirrored the adoption of cryptocurrency by attaining a marvelous growth of 37x during a couple of previous years.

The constantly increasing Web3 development across the jurisdiction is additionally backed on the behalf of the mounting talent pool, taking the demand-supply gap of the country to the lowest in comparison with that of the United Kingdom, China, and the United States.

Additionally, the position of India is at the top in terms of reskilling the latest technologies. This counts as the most significant in emerging technologies like blockchain and Web3.

India to Likely Go Through Intensified Web3 Growth in Impending 2 Years

According to the prediction of the study, the Web3-related talent pool of India would potentially experience the most rapid growth rate in the next two years. The country’s web3 ecosystem accommodates a diversity of applications within the real world and nearly sixty percent of the native ventures broadened their footprint external to India.

Flipkart, a big name in the e-commerce sector of the region, introduced a metaverse space called Flipverse to facilitate the locals to buy merchandise offered by top brands like Nivea and Puma.

To develop Flipverse, Flipkart carried out a collaboration with eDAO (an entity incubated by Polygon). Flipverse will be compatible with digital collectibles and available on FireDrops (the latest online venue for shopping).

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