The report shows how young talent is enthusiastic about the potential of an open, secure and transparent digital framework. Although a lot of value creation is witnessed offshore due to high taxes and an uncertain regulatory landscape, India’s participation remains on top of the charts globally.
According to a 2023 Electric Capital report, Indians make up 12% of the global Web3 workforce. Notably, over 90% of those who entered the Web3 space in 2019 remain active, showcasing a commitment that withstands market fluctuations.
The upcoming wave of startups from India is another spotlight in its talent-expansive ecosystem. Ranging across industrial, public service and consumer sectors, technologies springboarding from here have significant social and economic potential.
Indian developers are particularly active in gaming and decentralised finance (DeFi), with about 32% focused on gaming applications and 21% on DeFi projects. Top public and private tech institutions have recognised the potential of blockchain tech by collaborating with regulators for extensive research frameworks and integrating it into their curricula to nurture emerging talent. These institutions offer specialised courses in blockchain and Web3 development, often in collaboration with reputed tech enterprises, providing students with practical experience that bridges the gap between theory and real-world application.
Community-driven events like hackathons, workshops, MECE (mutually exclusive, collectively exhaustive) events and meet-ups provide an entry point for developers to gain momentum in the field. Events like ETHIndia Hackathon and India Blockchain Week Conference have witnessed massive participation from the developer community, enabling purposeful engagements.Moreover, the Web3 community is becoming more inclusive, with the percentage of women rising from 3% in 2018 to 14% in 2023. This growing diversity is vital for fostering innovation and creativity within the industry, though more efforts are needed to maintain and build on this progress.International organisations are recognising India’s Web3 potential, making it an outsourcing hub for tech services and blockchain development. Many of these organisations are setting up offices and hiring local teams to strengthen their efforts. Also, with grants, mentorships and resources, these firms are aiding in establishing a more connected global Web3 ecosystem.
As MeitY identifies the role of blockchain tech through its National Strategy Framework, commercialisation of blockchain-as-a-service (BaaS) is progressing India’s multi-chain future. Over half of state governments are exploring blockchain applications in governance, finance, digital infrastructure, real estate, healthcare, and more.
While regulatory challenges continue to hinder Web3 innovation, it’s now essential to have clear guidance from GoI on classification and taxation of virtual assets. Last year, India reported a staggering $270 bn in crypto assets. This growing demand highlights its potential to become a global hub for Web3 development. Thus, clarity on regulations continues to be a significant concern, especially in supporting the talent potential and recognising its contribution at a local and global scale.
Educational institutions, coding schools and technology incubators are providing blockchain and Web3 training programmes. But investment in next-generation talent will be crucial for sustaining and expanding the country’s potential in this sector.
India produces the highest number of tech professionals globally. With 75% of its developer talent under 35, the community is poised to power much of the worldwide Web3 revolution. With a supportive environment and regulatory clarity, India can become a global hub in digital innovation, offering prospects for developers and entrepreneurs alike.
