India cannot afford to be cyber coolies anymore, needs to create intellectual properties around Web3, says expert

Blockchain adoption has the ability to spur growth in important sectors of the Indian economy like agriculture, healthcare, public distribution systems, and education, among others.
Srinath Sridharan, a policy researcher and corporate advisor, claims that India will need to advance the field of knowledge and produce intellectual property centred on Web3.

“The focus of Web3 will be on individualised internet. So, the bigger policy challenge is whether India can can afford for any other Western power to colonise its digital space. India will therefore need to introduce the Web3 story to the general discussion of our future plans. On the other side is pure economics; in the creative economy in which we currently reside, all of these tales would ultimately translate into economics.

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If India has the appropriate policies, he continued, it can accomplish the $1.1 trillion Web3 economy. He claimed that the brain drain from India to western nations like the US and UK would persist if India didn’t support Web3.

Watch as National Vice President of the BJP Baijayant Jay Panda discusses how India can use its G20 Presidency to progress the creation of virtual digital assets (VDA) regulatory principles through international cooperation.

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