New Report: Web3 Can Add $1.1 Trillion to India GDP
Source: Unsplash The Web3 industry can add as much as $1.1 trillion to India’s GDP by 2032, a new report from the Indian tech industry association Nasscom has shown. The massive value-add to the economy will come as India continues on its path as a leading global player for Web3, both on the development and adoption side, the new report said. Already, Web3 investments in the country have grown a whopping 37 times from the start of 2020 to the first quarter of 2022. The report added that the number of start-ups that can be categorized as Web3 companies stood at 450 as of the end of the second quarter. Since 2020, these companies combined have raised more than $1.3bn in capital, with the average deal size being around $10m. In terms of venture capital, the country was home to more than 70 “active institutional investors” in 2021, the report found. Notably, it was the launch and subsequent meteoric growth of Ethereum (ETH) from 2015 to 2017 that kicks...