The Indian government is on a mission to make the country more technologically advanced. Despite the availability of skilled professionals and educated youth, India has not lived up to its expectation. Telangana, an important state in the Southern part of India, is all set to be the first state government in the world to incentivize Web 2 and Web 3 startups. The government of Telangana has partnered with cryptocurrency exchange CoinSwitch Kuber and innovation management firm Lumos Labs to take this initiative forward. Once realized, it will be the first attempt from any regional government to boost the growth of Web 2 and Web 3 startups.
The startup culture in India is very recent and is currently in a great place. Among these startups, cryptocurrency firms have shown tremendous success over the past few years. CoinSwitch Kuber, a partner of the government of Telangana in this initiative, was a startup that gained unicorn status not long back. Similarly, other crypto exchanges like WazirX and CoinDCX have achieved unicorn status in India. Keeping the current Indian economic landscape in mind, such an initiative from the government of Telangana will give a considerable boost to local startups working with blockchain, web 3, or web 2.
Named the blockchain accelerator initiative, the government project will encourage startups to use blockchain and web 3 to solve real-world problems. Rama Devi Lanka from the ITE&C department of the government of Telangana has expressed her optimism about the initiative and said that this project would make India a hub for web 3 developments.