According to a new study published by the National Association of Software and Services Companies (NASSCOM), a non-profit organization with over 3,000 members in India, 11% of the world’s Web3 talent is located in India.
India employs nearly 75,000 blockchain professionals, making it the third-largest country in the world in terms of its Web3 workforce.
In addition, the industry group anticipates that the talent pool will increase by over 120% over the next two years.
Additionally, India is home to 450 Web3 startups, of which four are unicorn companies.
The Indian Web3 ecosystem has raised $1.3 billion in funding as of April 2022. In addition, over sixty percent of Indian Web3 startups have expanded their operations abroad.
The vast majority of companies included in the study are developing applications for decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, etc.
NASSCOM remains optimistic about Web3’s growth prospects in the country over the next few years, stating that it anticipates an increase of 150 million internet users in India and 500 million 5G users in India.
The president of the NASSCOM, Debjani Ghosh, commented:”India’s rapid adoption of new-age technologies, its expanding startup ecosystem, and vast pool of digitally skilled talent are cementing the nation’s position in the global Web3 landscape.
It is encouraging to see that industry and government stakeholders in India are taking a pragmatic approach to blockchain technology, with use cases being explored in areas ranging from education to health and safety, finance, enterprise technology, and land registry.
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