Get All Access for $5/mo

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.
Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.