India is stepping up its digital presence in Southeast Asia by getting into Web3 technologies. For a while now, India’s growth has been tied to new tech stuff.
This has helped the economy, made things better, and helped society move ahead. Web3 is the next big thing and can change India’s digital Landscape.
Web3 and India’s Vision
Prime Minister Narendra Modi believes that technology can make India self-reliant. To tap into the potential of Web3, the government is crafting a national strategy for blockchain technology.
As a leader in the Global Partnership on Artificial Intelligence (GPAI), India is also harnessing AI to foster innovation. Notably, individual states are joining the movement – Telangana, along with the Reserve Bank of India, has launched a Web3 Regulatory Sandbox, sparking similar initiatives across the nation.
India’s bold stance on Web3 underscores its commitment to achieving a $10 trillion economy by 2030. This reflects the approach of other forward-thinking Asian regions, such as Japan and South Korea. Web3’s innovative approach holds the key to addressing contemporary challenges across various sectors.
Web3 is Bridging the Gaps
Web3 technologies offer a chance to bridge the gap between urban and remote areas in India. With a significant portion of the population residing in remote locations, Web3’s decentralized applications can provide access to essential services like finance, education, and healthcare, irrespective of geographical barriers. Moreover, Web3 can streamline government services, boost transparency, and enhance administration efficiency.
Despite Web3’s potential, its adoption in India faces a twofold challenge – limited understanding and a lack of suitable frameworks. Unlike global counterparts, India lacks defined policies and rules for governing the growing Web3 ecosystem. Establishing an enabling policy framework is important for fostering innovation while reducing risks associated with emerging technology.
Hub and Spoke Policy Framework
To address these challenges, a Hub-and-Spoke Policy Framework could be the answer. A central regulatory hub, possibly under the Ministry of Electronics and Information Technology, collaborating with sector-specific spokes, could address unique challenges in each sector. This approach can maintain oversight, ensure innovation, and protect consumers, aligning with existing legislations like Digital India and Digital Personal Data Protection.
India is rapidly emerging as a hotspot for Web3 expertise. Approximately 11% of the global Web3 talent resides in India, making it the third-largest talent pool globally, behind only the United States and China. This talent pool is projected to expand by an impressive 120% in the coming years. This presents an opportunity for India to lead in the Southeast Asian Web3 market.
Web3 is more than just a trend – it’s a big change. India using Web3 can make things work better, be more secure, and give more chances to people. This move can make India a leader in digital presence in Southeast Asia.