Xpheno, an Indian company specializing in talent solutions, recently released a report that highlighted the increase in the active job opening numbers in the blockchain industry in India. The report states that since last year, 12,000 vacancies have been created – a whopping 50% increase. The annual salaries of crypto experts in the country have also shot up, with professionals with 8 – 10 years experience earning up to Rs. 80 lakhs per annum.
The company’s co-founder, Kamal Karanth, said that the Indian crypto industry’s talent-related progress and mainstream visibility are still taking their baby steps. It has to be noted that India’s crypto industry is already more than 12 years old.
The report also suggests that this significant spike in remuneration is due to the short supply of talent in India’s crypto industry. Mainly, companies operating in the country’s blockchain industry are on the lookout for employees with experience in machine learning, blockchain, data analysis, Ripplex solutions, and security solutions. According to the report, the shortage in the supply of talent is around 30 – 60 percent. The shortage is even higher in cybersecurity, data science, and other niche skill areas.
According to the predictions made by the Xpheno founder, these shortages are set to last at least for the next two years. Indian crypto exchange WazirX and the trade industry’s chamber of commerce Nasscom have also released a joint report that states that there are 50,000 professionals presently working in India’s cryptocurrency industry.
Nasscom’s senior vice president Sangeeta Gupta said that if the current growth rate of the country’s crypto industry persists, there could be a 30 percent increase in the number of new jobs in the next few months.