Web3 Fueling India's Digital Economy Leadership in SE Asia
By: Spriha Pandey and Gaurav Chaudhary
Over the course of the past decades, India's progress has been intricately intertwined with its adoption of emerging technologies. From the realm of IT to the domains of digital transactions and e-governance initiatives, technological progress has occupied a central role in driving economic growth, innovation and social development in the country. Emerging technologies like Web3 present an extraordinary opportunity to further revolutionise India's digital landscape. According to Prime Minister Narendra Modi, adoption of technology will make the country Aatmnirbhar. To leverage the potential of Web3, the government is actively pursuing a comprehensive national strategy for blockchain. As the current leader of Global Partnership on Artificial Intelligence (GPAI), India is committed to effective utilization of AI for spurring innovation. Even at the state level, governments are working towards realizing the potential of Web3. The state of Telangana, in collaboration with the Reserve Bank of India, has launched a Web3 Regulatory Sandbox, paving the way for similar partnerships across the country.