India possesses 11% of the world’s Web3.0 talent, says a new study published by the National Association of Software and Services Companies (NASSCOM). This makes India the world’s third-largest in terms of Web 3.0 workforce, employing nearly 75,000 blockchain professionals.
NASSCOM expects this talent pool to grow by over 120% within the next two years. India is home to around 450 Web 3.0 startups, four of which are unicorn companies. The Indian Web 3.0 ecosystem, through April 2022, raised $1.3 billion in funding. The report states that over 60% of Indian Web 3.0 startups have expanded their footprints outside the country.
The majority of the firms are building applications in decentralized finance (DeFi), gaming NFTs marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, etc. NASSCOM is very much optimistic about Web 3.0’s growth outlook in India. It expects the number of Indian internet users to increase by 150 million and 5G users to increase to 500 million.
Debjani Ghosh, president of NASSCOM, believes India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web 3 landscape. He said it’s heartening to see industry and government stakeholders in India taking a very pragmatic approach toward blockchain technology. Ghosh added that use cases are being explored in areas ranging from health and safety, finance, enterprise tech, and land registry to education.