The Web3 sector, the new generation of internet based on decentralised blockchain technology, has the potential to create an employment base of about 2 million high-paying direct jobs in India within the next decade, a report said.
India is home to more than 900 enterprises in the Web3 sector, making significant strides by accounting for 11 per cent of the global Web3 developer community in 2022, securing its position as the third-largest talent pool of developers on a global scale, said a report by management consulting services provider Primus Partners.
The transformative potential of Web3 extends across various sectors, with collaborative pilot projects showcasing its usefulness.
Promising use cases include supply chain management, privacy in healthcare, education, and experience certificates, voting systems, identity management, and more. Web3, therefore, when integrated responsibly, can transform industries, said the report titled ‘Unlocking the Web3 Potential: India’s Journey from a Talent Exporter to a Product Powerhouse’.
Web3 can be looked at as set of technologies and platforms helping implement decentralised solutions delivering value to all stakeholders.
“As we witness the evolution of Web3, its potential for transformative growth becomes increasingly evident. Our study thoroughly explores this expanding landscape, offering valuable insights that illuminate the path forward for India with strategic attention to coordinated global efforts, robust domestic legislation, heightened awareness, and a nurturing business environment,” Shravan Shetty, Managing Director, Primus Partners.
India, through its G20 presidency, has shown dedication to addressing VDAs, evidenced by the publication of the IMF and FSB’s synthesis paper on crypto in September 2023, the report said.
As a global consensus takes shape, the report stresses the urgency for India to advance its domestic policies, creating a conducive environment for Web3 businesses by implementing forward-thinking legislation, it added.
The report outlines a strategic framework for India’s ascent to Web3 leadership, emphasising legislative prioritisation, heightened awareness, and business environment enhancement.
Proposing a coordinated global approach, the report underlined the need for a collaborative blueprint, emphasising global taxonomy, minimum standards, flexibility, and coordinated monitoring.