A new study by the National Association of Software and Services Companies (NASSCOM), a non-profit group in India with more than 3,000 members, says that India is home to 11% of the world’s Web3 talent. India is the third-largest country in the world in terms of its Web3 workforce, with nearly 75,000 people who work in blockchain. The industry group also thinks that the pool of talent will grow by more than 120% over the next two years.
India also has 450 Web3 startups, and four of them are unicorn companies. As of April 2022, the Indian Web3 ecosystem had raised $1.3 billion in funds. Also, more than 60% of Indian Web3 startups have grown their businesses outside of India.
The vast majority of the companies in the study are working on applications for decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms, etc.
NASSCOM is still optimistic about Web3’s growth in India over the next few years. It says that it expects the number of internet users in India to grow by 150 million and the number of 5G users to grow by 500 million. Debjani Ghosh, who is the president of NASSCOM, said:
“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 toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.”
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