You can be on Entrepreneur’s cover!

Web3 Is A Chance For India To Build And Dominate World Reports say that Web3 will help India contribute $1.1trillion to its GDP in the next 11 years

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India

The concept of Web3 that described or termed as the revolutionary next phase of Internet, had created a buzz in 2021. India expected to improve the people's standard of living by creating new job opportunities for a developed economy through Web3.

According to reports, global investors have agreed to spend millions of investments on Indian web3 ecosystem, citing the India's strong team of 4 million engineers, experienced tech operators and strongly build web 3 communities. It is said that in the very near future, Web3 will be a game-changer for India in terms of all its industries and innovative initiatives.

"Web3 is chance for India to build and dominate the world. The early years of Internet were captured by the West and India could not capitalize. It became a services industry. The Web3 companies, today, are actually defining the space and setting a precedence of how the next set of Web3 companies will operate. We have the right talent and resources to build Web3 and the opportunity should not be lost," said Ashish Singhal, co-founder and CEO of CoinSwitch, while commenting on the future of Web3 within India's technological ecosystem. He was speaking at the India Internet Day 2022 organized by TiE Delhi NCR on Friday.

The Web3.0 focused on decentralization which creates opportunity for websites to process information in a smart approach that eventually affects the India's work processes efficiently and effectively.

Mentioning about the core basics of India's advanced technology ecosystem, Ankit Jindal, co-founder of Biconomy, said that, "The core fundamentals of developers in India are phenomenal and they are very motivated."

India is known to have one of the largest and most innovative communities that encompasses startups, innovators, developers across the world, and also has the capability to make the country an inclusive digital society with its democratizing benefits of digital technologies.

India is said to be one of the fastest-growing Internet consumer markets in the world. "While we did not have a large consumer market till 5 to 6 years back, but now things have change. We are just 2 to 3 years away from seeing a lot of consumers-based apps coming up and the world is looking at India now. Some of the elements of the Web3 were already there in gaming, it is just that we have realized it in the past 3 to 4 years. In terms of expanding outside India, one must remember that go-to-market strategy has to be very different as consumer preference differs. Founders should be patient and be ready to burn fingers," said Sai Srinivas Kiran G, co-founder of Mobile Premier League.

Reports say that Web3 will help India contribute $1.1trillion to its GDP in the next 11 years.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.


Save on Business Travel with Matt's Flight's Premium, Only $80 for Life

This premium plan features customized flight deal alerts and one-on-one planning with Matt himself.

Business News

Samsung Makes 6 Day Workweeks Mandatory for Executives as the Company Enters 'Emergency Mode'

Samsung said its performance "fell short of expectations" last year. Now executives are required to work weekends.

Science & Technology

Here's One Reason Urban Transportation Won't Look the Same in a Decade

Micro-EVs may very well be the future of city driving. Here's why, and how investors can get ahead of it.

Personal Finance

How to Get a Lifetime of Investing Experience in Only One Year

Plus, how day traders can learn a lesson from pilots.