Web3 will inject $1.1 billion into India's GDP by 2032, after growing 37 times since 2020

The explosive growth of Web3 in the country is supported by several factors, including a large talent pool, high adoption rate and the product development for global markets.

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The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-driven momentum driven by over 450 in-house startups including CoinDCX, Polygon and CoinSwitch.

A recent study by the National Association of Software and Services Companies (NASSCOM), an Indian non-governmental trade association and advocacy group, underscored India's position as a leading global player. plan in the Web3 market due to several factors covering large number of talent pool, high adoption rate and product development for international markets.

Snapshot of India's Web3 startup ecosystem in 2022. Source: NASSCOM

The US-India Strategic Partnership Forum (USISPF) estimated that "Web3 can add 1.1 trillion dollars of new economic value to Indian GDP in the next 10 years."

Investments in Indian Web3 startups. Source: USISPF and NASSCOM

Furthermore, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by accumulating 37x growth over the past last two years. The explosive growth of Web3 in the country is further supported by an increasing talent pool, which makes the gap between supply and demand in India the lowest compared to the United States, China and in the UK.

In addition, India ranks first in retraining in new technologies, which is considered paramount in emerging technologies such as Web3 and Blockchain.

Global Distribution of Web3 talents. Source: OKX and NASSCOM

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