Why does India have the first mover advantage in Web3 technology?
India stands at the forefront of technological disruption, and the advent of Web3 represents a seismic shift in how we interact with the digital world. As industries clamour for innovative solutions, the need for user-centric, decentralised technologies has never been more pressing. Web3 empowers users by separating their data from platforms and infrastructure, fostering unprecedented interactivity and true digital ownership.
As per a report by Bharat Web3 Association the global Web3 and Metaverse market is expected to contribute $13 trillion to the global GDP by 2030. For India, this presents a massive opportunity. With over 900 startups in the sector and Indian employees making up 11% of the global Web3 talent pool, India is well-positioned. Since 2018, blockchain-related jobs in India have surged by 138%. Looking at the growth, Web3 could contribute over $1 trillion to the Indian economy by 2032.
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all. However, challenges persist, such as the 1% TDS and the inability to offset losses. As an industry, we are advocating for a reduction in TDS to 0.01%, recognizing that with community support, we can shape more favourable tax laws for crypto in India.
