Cryptotech industry can add $184B of economic value in India by 2030: NASSCOM report
Globally, the cryptotech industry is estimated to cross $1.6 billion by 2021, and $2.3 billion by 2026, according to the report by NASSCOM and WazirX.
A report by the National Association of Software and Services Companies (NASSCOM), in association with Indian crypto exchange , today revealed that the cryptotech market in India has the potential to create an economic value addition of $184 billion by 2030 in the form of investments and cost savings.
The report, titled ‘Crypto Industry in India’, also stated the Indian crypto market could generate over eight lakh jobs by 2030. It added the global cryptotech industry is estimated to cross $1.6 billion by 2021, and $2.3 billion by 2026.
Debjani Ghosh, President, NASSCOM, said:
“Cryptotech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest growing technology sub-sector. India provides the most unique ecosystem to cryptotech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade and finance, and remittances, and help in addressing pandemic-induced challenges."
According to her, a consultative and enabling regulatory approach towards crypto technologies can help drive the growth of this ecosystem and blockchain innovation in India.
The report also noted over 230 startups are already operating in India in the cryptotech space, and that rising investment from institutional and retail investors has heightened awareness of the segment in India.
Nischal Shetty, Founder and CEO, WazirX, said, "Crypto is primed to take our PM's Digital India mission forward. In fact, our number of users from Tier-II and Tier-III cities have grown multifold. In the coming years, we'll see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment and capital."
The report highlighted seven key trends driving the growth of this industry, namely Bitcoin, smart contracts, Decentralised Finance (DeFi), tokenisation, Non-Fungible Tokens (NFTs), cryptotech capital, and Central Digital Bank Currencies (CBDC).
Earlier this week, the Global Startup Ecosystem Report 2021 (GSER) stated that with a 121 percent increase in Series A deals over a five year period, blockchain technology has emerged as the second fastest-growing startup sub-sector globally.
Blockchain was ranked second just behind agritech and new foodtech, which saw a 128 percent increase in Series A deals over the same period.
Further, the report found 10 percent of global startups are working on or using blockchain technology in some form.
The GSER, which surveyed over 10,000 global startup execs, divided startups into growing, matured and declining subsectors. It placed blockchain technology in the growing group alongside advanced manufacturing and robotics, AI and Big Data, and fintech.
Edited by Kanishk Singh