The Web3 boom is expected to have a positive impact on the Indian economy, with an estimated increase of $1.1 trillion over the next decade. This will be supported by the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch.
According to a study from the National Association of Software and Service Companies (NASSCOM), India is a leading global player in the Web3 market. This is due to several factors, including a large talent pool, high adoption rate, and product development for international markets.
The US-India Strategic Partnership Forum (USISPF) has estimated that the implementation of Web3 technology could add an additional $1.1 trillion to the Indian GDP over the next 10 years.
The study found that investments in Indian Web3 startups have grown 37x over the last two years, mirroring the growth of cryptocurrency adoption. The growth of Web3 in India is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the United States, China and the United Kingdom.
Also, India ranks first in new technology retraining, which is considered the most important in emerging technologies such as Web3 and blockchain.
The chart above shows Web3’s global talent pool, showing that the US and China dominate India. According to the study, the growth rate of India’s Web3 talent pool is expected to be the fastest in the next 1-2 years.
The Indian Web3 ecosystem provides a variety of real-world applications and has seen approximately 60% of local startups expand their businesses to other countries.
The Indian e-commerce company Flipkart has recently launched a metaverse called Flipverse, where users can try out and purchase products from brands like Puma and Nivea.
Flipverse was developed in collaboration with eDAO, an organization that is incubated by Polygon. This new platform will support digital collectibles and be made available on Flipkart’s newly online shopping platform, FireDrops.
