Why Web3 is The Last Hope for India to Prove Its Tech Dominance?

Web3 ecosystem in India is growing fast and it will retain the country's tech dominance in the world.

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

"Web3 is a chance for India to build and dominate the world. The early years of the Internet were captured by the West and India could not capitalize. It became a services industry. The Web3 companies, today, are defining the space and setting a precedence for 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 spoke at the India Internet Day 2022 organized by TiE Delhi NCR on Friday. Web3.0 focused on decentralization, creating opportunities for websites to process information in a smart approach that eventually affects India's work processes efficiently and effectively.

Mentioning the core basics of India's advanced technology ecosystem, Ankit Jindal, co-founder of Biconomy, said, "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 encompass startups, innovators, and developers across the world, and also can 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, now things have changed. We are just 2 to 3 years away from seeing a lot of consumer-based apps coming up and the world is looking at India now. Some of the elements of Web3 were already there in gaming, it is just that we have realized it in the past 3 to 4 years. In expanding outside India, one must remember that the 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.