The Indian Web3 and crypto industry is determined to build its competitive edge to lead the current internet revolution globally. By doing so, it will be able to generate over $1 trillion. India must harness and reward the industry that can support the nation in achieving its goal of becoming a $5-trillion economy.
India on the cusp of transformation
As the country prepares to be a $5-trillion economy, its economic growth story has been inspiring. Just a decade ago, India's GDP was the 11th largest in the world. This year, India became the world's fifth-largest economy, overtaking the UK and is now behind only the US, China, Japan and Germany. This brings in much optimism, especially when the global situation remains precarious due to various macroeconomic conditions.
The World Bank's report, ‘Navigating the Storm’ published in December 2022 further assures that the Indian economy is relatively well positioned to weather global spillovers compared to most other emerging markets. Besides, policy reforms and stable FDI inflows sheltered India from volatility in foreign portfolio flow. At the same time, robust demand for information technology and financial services kept the services trade surplus high at around 3.7% of GDP.
The groundwork for more sustained and long-term growth has been driven by investment in infrastructure, digitalization, penetration of internet and smartphone, combined with a wave of consumption led by millennials and Gen Z, among others. Not to forget, one of the critical factors of India's growth engine is our broad and talented young workforce. The median age is now 28.4 years, compared to China, Japan and the US, which stand at 37, 48.6, and 38.5, respectively. India is definitely headed to be a talent powerhouse.