Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020 By Cointelegraph

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Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020

Cryptocurrency Oct 24, 2022 04:40AM ET

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Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020

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

A recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association and advocacy group, highlighted India’s position as a leading global player in the Web3 market owing to several factors spanning a large talent pool, high adoption rate and product development for international markets.

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

Investments in Indian Web3 startups. Source: USISPF and NASSCOM

Global Web3 talent distribution. Source: OKX and NASSCOM

Focus areas for Indian Web3 startups. Source: Zinnov CoNXT Research & Analysis

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Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020

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