The Indian government has declared its support for startups working in the Web3 sector. On Wednesday, this affirmation came from the Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, responding to inquiries made in the Lok Sabha, the lower house of India’s parliament.
Fostering a Web3 ecosystem
The government’s stance on Web3 was clarified during a parliamentary session where a member asked about the support extended to startups in this emerging field. Minister Chandrasekhar emphasized the government’s commitment to ensuring that India plays a pivotal role in shaping the future of the Internet and Web3. He acknowledged the importance of blockchain technology as a key component of Web3, illustrating the government’s understanding of the sector’s potential impact.
The Ministry of Electronics and Information Technology (Meity) has initiated several programs to nurture innovation in this area. In March 2020, a Centre of Excellence (CoE) focusing on blockchain technology was established. This venture is a collaborative effort involving key industry and academic partners, including Meity, Software Technology Parks of India (STPI), the government of Haryana, and notable tech giants. The CoE aims to provide a comprehensive incubation environment for startups specializing in blockchain and other emerging technologies.
Supporting startups and innovators
Beyond the establishment of the CoE, Minister Chandrasekhar outlined additional initiatives under Meity’s umbrella designed to support startups. These include the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, the SAMRIDH startup accelerator program, the Next Generation Incubation Scheme (NGIS), and the Support for International Patent Protection in E&IT (SIP-EIT) Scheme. Collectively, these programs offer a wide range of support, including mentorship, funding, training, and networking opportunities, to empower startups at various stages of their development.
The Indian government’s proactive stance in supporting Web3 startups underscores its recognition of the sector’s potential. By fostering a conducive ecosystem for innovation and entrepreneurship, India aims to be at the forefront of the Web3 revolution. This move aligns with the global trend of governments acknowledging the significance of emerging digital technologies and taking steps to integrate them into their economic and technological frameworks. The Indian government’s commitment to Web3 boosts the confidence of domestic entrepreneurs and innovators and positions India as a key player in the global Web3 industry.
