A new survey by NASSCOM has found that although the Government of India is still skeptical about crypto, the industry is booming when you talk about jobs. The country has received a whopping 138% jump in crypto and blockchain related jobs since 2018.
According to a press release by NASSCOM, “India is the 3rd largest Web3 talent pool in the world. The Indian tech industry directly employs nearly 75,000 blockchain professionals today. Further, this talent pool is expected to grow by over 120 percent in the next one or two years.”
According to the report titled, “The India Web3 Startup Landscape, An Emerging Technology Leadership Frontier”, India is home to around 450 Web3 startups which includes 4 unicorns and the Web3 ecosystem of India has raised $1.3 billion in funding through April 2022. Out of these startups, close to 60% have expanded their presence globally.
“India is the 3rd largest Web3 talent pool in the world. The Indian tech industry directly employs nearly 75,000 blockchain professionals today. Further, this talent pool is expected to grow by over 120 percent in the next one or two years.”
Most of the Indian Web3 startups are working in areas related to blockchain gaming, metaverse, NFTs, and DeFi. These startups and metrics display the kind of potential the Web3 space holds, but the government’s unclear regulatory policy and restrictive stance suggest the reason for slow development in this space. According to the report, 80% of these startups are finding it challenging to upscale their businesses because of regulations.
NASSCOM explains in the report, “The lack of policy clarity around Virtual Digital Assets (VDAs), leading to a lack of confidence in founders and innovators, thereby forcing them to move their base to other countries, is not only taking the market away but also the critical talent and expertise needed in this area.” Working with policymakers and regulators to address loopholes can help develop the ecosystem.
By 2030, about 77% of India’s population will comprise Millenials and Gen Z, who will in turn fuel the Web3 growth in the country. Although the Web3 space is still shaping up globally, India has several factors in its favor that put the country in a position to soon be one of the highest growth markets for Web3 across the globe