Per insights from a new study conducted by the National Association of Software and Services Companies (NASSCOM), India reportedly takes up 11% of the world’s Web3 talent, at the moment. 

Specifically, the newly released insights from NASSCOM – an India-based nonprofit organization with more than 3,000 members – reportedly helps the nation secure the 3rd spot in the list of top countries globally in terms of Web3 workforce, with the employment of approximately 75,000 blockchain professionals today. 

Moreover, the sector group shares expectations that the talent pool to develop by more than 120% within the next two years.

India is also the incubating hotspot for 450 Web3 startups, four of which are unicorn firms. Through April this year, the Indian Web3 ecosystem has secured $1.3 billion of capital injection via fundraising. 

Additionally, the figure of Indian Web3 startups have widened their scope beyond the boundaries of the nation has reportedly exceeded the 60% threshold.

Most of the companies listed in the study are developing applications in decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms and so on.

Within the next few years, NASSCOM shares an optimistic stance regarding Web3’s development outlook in the local scene, claiming that it expects the number of Indian internet users to surge by 150 million and 5G users in India to increase to 500 million. 

“India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.” Debjani Ghosh, president of the NASSCOM, additionally remarked.