India To Explore Crypto And Web3 To Reach Goal Of $5 Trillion Economy

India is ready to achieve its dream of a $5 trillion economy by exploring the untapped $1 trillion crypto market that the currently has under its belt. The Indian web3 industry aims to lead the global market and contribute to the nation’s GDP.

After overtaking the UK, India became the fifth-largest economy in 2022 following right after the US, China, Japan, and Germany. The World Bank’s December report titled “Navigating the Storm,” highlighted that India is better prepared to face global pullovers than all other emerging markets.

Moreover, policy reforms and consistent FDI inflows protected the Indian economy from volatility in global portfolio flow. At present, sectors including IT, cloud service, big data, AI, and the IoT is supporting the nation’s GDP with up to $200 billion.

According to a Chainanalysis report, India ranks in the top five positions when it comes to crypto adoption, alongside ranking sixth for DeFi adoption. US-India Strategic Partnership Forum’s (USISPF) report titled “India’s $1 Trillion Digital Asset Opportunity” emphasized that enabling web3 infrastructures in India could supply $1.1 trillion worth of economic growth to its GDP across the next 10 years.

India is already demonstrating signs of technological adoption and employment generation. “The Indian Web3 Startup Landscape” by NASSCOM stated that up to $30.5 billion of venture capital funding was poured into the blockchain and crypto sector in 2021. Additionally, over 450 web3 startups, employing more than 75,000 professionals now reside in India.

The market is anticipated to enhance 25 times by 2028, forecasting another 50,000 jobs by 2025.

Source