With about 450 Web 3 startups in the country, India has 11% of the global Web 3.0 workforce making it sit at the third position according to reports from the National Association of Software and Services Companies (NASSCOM).
India presently has 11% of the world’s Web 3.0 workforce, according to recent research by the National Association of Software and Services Companies (NASSCOM), a non-profit organization with over 3,000 members.
With approximately 75,000 blockchain professionals working there today, India is the third-largest Web 3.0 workforce in the world according to this statistic. The industry association also forecasts that during the following two years, the skill pool will increase by nearly 120%.
450 Web 3.0 startups, including four unicorn enterprises, are based in India. The Indian Web 3.0 ecosystem has garnered $1.3 billion in funding as of April 2022. Furthermore, more than 60% of Indian Web 3.0 startups have increased their global presence.
The vast majority of the companies featured in the report are developing solutions for decentralized finance, nonfungible token gambling markets, metaverses, decentralized communities, on-chain coordination methods, and other fields.
In the coming years, the NASSCOM is still upbeat about the growth prospects for Web 3.0 in the nation, predicting that there will be an increase of 150 million internet users in the country and 500 million 5G users. The NASSCOM’s Debjani Ghosh made the following observation:
“India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach towards blockchain tech, with use cases being explored in areas ranging from health & safety, finance, enterprise tech, and land registry to education.”
