How Web3 Is Impacting Indian Job Market? Yay or Nay?

What is Web3? How is it impacting the jobs in India? How India went from sending out talent to becoming a major player in the global Web3 scene? Know this in TICE report.

What is Web3?

Web3 refers to the next generation of the internet that aims to be decentralized, giving users more control over their data and online interactions. Unlike the current web (Web2), which relies on centralized entities like social media platforms and cloud services, Web3 leverages blockchain technology to enable peer-to-peer transactions and interactions. It encompasses a variety of technologies like decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (DApps). Web3 envisions a more transparent, secure, and user-centric internet experience, fostering a shift from relying on intermediaries to a distributed and trustless system.

Web3 Jobs in India

The report says the country is at the forefront of the global Web3 revolution. There are more than 900 companies in India working on Web3, and the country has a strong 11% presence in the global community of Web3 developers. This makes India the third-largest hub of developers in the world. These companies aren't just businesses; they're building a future where India becomes a major player in the global tech scene.

Shravan Shetty, the Managing Director of Primus Partners, talks about how Web3 can bring big changes and highlights the importance of working together globally, having clear rules in our own country, being more aware, and creating a supportive environment for businesses.

“As we witness the evolution of Web3, its potential for transformative growth becomes increasingly evident. Our study thoroughly explores this expanding landscape, offering valuable insights that illuminate the path forward for India with strategic attention to coordinated global efforts, robust domestic legislation, heightened awareness, and a nurturing business environment," stated Shetty.

India's Crypto Impact on World

New information from Chainalysis tells us that India is leading the way in people using crypto around the world. In 2023, India is now the second-biggest market in the world for crypto transactions. This shows how well Indian startups are doing, the talented people we have, how many people can access the internet, and how much interest there is in Web3 tech among our digital-savvy population.

Taxation Challenges in Web3

Even though there have been successes, there are still some difficulties. The report talks about how taxes and the ease of doing business are causing issues, especially because of the Finance Act of 2022. High TDS rates are making businesses move to foreign platforms and the unofficial market, which hurts the efforts to protect consumers on legal Indian platforms. The report strongly suggests changing the tax system to make it easier for businesses to follow the rules and join monitored transactions.

In India's tech progress, the report asks for clear rules and guidelines made just for Web3 businesses. These rules, in line with Startup India, want to make an environment where these businesses can grow, be creative, and follow the rules. This helps keep India's Web3 industry successful. When there are clear rules, startups can do well, investors trust, and consumers stay safe. It sets up a strong and lasting Web3 industry in India's dynamic business scene.

India is stepping into the future with technology, and a new area called Web3 is playing a big role. It's not just creating jobs but also making big changes. Think of this report as a guide, showing the way to a future where India doesn't just join in, but takes the lead in shaping the digital story worldwide.

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