Despite the current global situation, experts are still very optimistic about the potential of Web3. The growth of this sector during the past months has gotten the attention of everybody. This is especially true for India, where Web3 is taking over. Today, India has a large talent pool that specializes in Web3, a rapidly increasing adoption rate, and a highly focused product development infrastructure.
Understanding the potential of Web3, India is simply preparing for the global Web 3.0 boom. This expected boom is projected to increase India’s economy by $1.1 trillion over the next ten years. This momentum is based on investments made by India’s government in more than 450 startups, including Polygon and CoinSwitch.
According to the National Association of Software and Service Companies (NASSCOM), India could potentially become the leading global player when it comes to Web3 in the near future. This is because of its large talent pool and increasing Web3 adoption rate. Having more than 450 Web3 startups and over 75,000 technology talents with a core Web3 skillset also plays a role. This makes India one of the few countries to hold such a favorable position when it comes to Web3 adoption.
India’s Web3 Talent Pool
The US-India Strategic Partnership Forum (USISPF) also believes that India is going to profit a lot from Web3. Per their forecast, India’s GDP may see a $1 trillion new economic value added during the next decade.
The study done by the USISPF also highlights the fact that investments in Indian Web3 startups have racked up a 37x growth over the past 24 months. This growth in the Web3 sector is heavily reliant on the increasing talent pool that India has. When compared to the USA, UK, and China, India has the lowest demand-supply gap when it comes to Web3 talents.
According to research published by NASSCOM, however, India is the third country when it comes to the number of Web3 talents. The study shows India sitting in third place, behind USA and China. Nevertheless, this study was conducted during the first half of 2022.
Furthermore, the study also states that taking all current factors into consideration, India is projected to experience the fastest growth rate in the Web3 talent pool amongst these three in the next few years. Although the cryptocurrency market is not performing as well as it normally does, mass adoption has already started.