India To Explore Crypto And Web3 To Reach Goal Of $5 Trillion Economy
- India can fulfill its $5 trillion economy dream by exploring its $1 trillion web3 industry.
- India is amongst the leading five countries for crypto and DeFi adoption.
- The crypto sector in India received $30.5 billion in funding in 2021.
India is ready to achieve its dream of a $5 trillion economy by exploring the untapped $1 trillion crypto market that the currently has under its belt. The Indian web3 industry aims to lead the global market and contribute to the nation’s GDP.
After overtaking the UK, India became the fifth-largest economy in 2022 following right after the US, China, Japan, and Germany. The World Bank’s December report titled “Navigating the Storm,” highlighted that India is better prepared to face global pullovers than all other emerging markets.
Moreover, policy reforms and consistent FDI inflows protected the Indian economy from volatility in global portfolio flow. At present, sectors including IT, cloud service, big data, AI, and the IoT is supporting the nation’s GDP with up to $200 billion.
According to a Chainanalysis report, India ranks in the top five positions when it comes to crypto adoption, alongside ranking sixth for DeFi adoption. US-India Strategic Partnership Forum’s (USISPF) report titled “India’s $1 Trilli …
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