India’s Web3 scene is thriving while the cryptocurrency market struggles to garner legitimacy in the country. It was brought to light that India registered over 170 new Web3 startups between 2021 to 2022. Algorand Foundation wanted to further elevate the presence of Web3 in the country.
While Web3 has seeped into several industries, Algorand intends to take India Web3 into the education system. Therefore, the Foundation has collaborated with Jawaharlal Nehru Technological University Hyderabad and the Indian School of Business.
For organizations wishing to move crucial business operations to Web3, the Algorand Foundation will soon provide master classes. In addition to this, student developer training, and faculty development initiatives are also in the works.
Additionally, Algorand has also joined hands with T-Hub, India’s top innovation hub with 600+ corporate partners, including Intel, AWS, Boeing, Meta, Microsoft, and Cisco, among others. It looks like Algorand was ready to dive deep into India’s Web3 shores. Elaborating on the same, Staci Warden, the CEO of Algorand Foundation said,
“I am thrilled to be back in India, and especially to see the embrace and enthusiasm by people across the country for technology that can so significantly and positively impact their quality of life.”
Will India’s Web3 initiatives drive the country’s dream of becoming a $5 trillion economy?
India’s economy has certainly been booming. The country went from having the 11th-largest GDP in the world about 10 years ago to emerging as the 5th-largest economy in 2022. As the most populated country in the world dreams of becoming a $5 trillion economy, Web3 could be fueling this vision.
A paper titled “India’s $1 Trillion Digital Asset Opportunity” was released by the US-India Strategic Partnership Forum [USISPF] last year. According to this, embracing and promoting Web3 technology in India may boost its GDP by $1.1 trillion over ten years.
This could be luring multiple Web3 giants into the country.