According to a study made by the non-governmental trade association and advocacy group of India, the National Association of Software and Services Companies (NASSCOM), the country currently employs about 75,000 experts in blockchain technology. It has about 11% of the Web 3.0 talent globally. This positions India as having the 3rd largest Web 3.0 workforce in the world.
As per reports, there are 450 Web 3.0 startups in India at present, 4 of which have become unicorns, i.e., companies attaining a valuation of more than 1 Billion US Dollars. The Web 3.0 ecosystem of India has received funding of around 1.3 Billion US Dollars as of April 2022. Regarding operations, about 60% of the country’s Web 3.0 startups have gone mainstream, expanding globally.
According to Achyuta Ghosh, the Senior Director and Head-Insights at NASSCOM, around 1/3 of the startups were founded in the previous year, and many of them use a Business-to-Business (B2B) model. Many of these firms are even engaged in fields that are unrelated to cryptocurrencies, such as entertainment and Decentralized Finance (DeFi).
Most companies participating in the survey are reportedly working on projects related to Decentralized Finance (DeFi), decentralized communities, Metaverse, Non-Fungible tokens (NFT) gaming marketplaces, and on-chain coordination methods, among various other things. National Association of Software and Services Companies (NASSCOM) is optimistic regarding the rise of Web 3.0 in the nation, stating that it anticipates a 150 million increase in internet users and a 500 million increase in 5G users in the years to come.
The President of NASSCOM, Debjani Ghosh, said that India’s position in the Web 3.0 ecosystem worldwide is being cemented by the nation’s quick adoption of the latest tech, its expanding startup ecosystem, and its vast promising pool of digitally trained personnel. It is encouraging to catch sight of the industry and Indian Government parties approaching blockchain technology very pragmatically, with utilization cases being examined in fields including education, finance, banking, enterprise technology, health, and safety, as well as land registry.