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A delegation of Web3 leaders submitted what they called a forward-looking policy proposal to Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance, to support the growth of the Web3 ecosystem in India.
The proposal encourages innovation in decentralised technologies and the expansion of the digital asset economy. Web3 refers to the next generation of the internet built on decentralised technologies like blockchain, enabling greater transparency, data integrity, and user ownership. The delegation included Sudhakar Lakshmanaraja (Founder, Digital South Trust), Ramakrishna Venkatesh (Director, Bharat Web3 Association), Vedang Vatsa (Founder, Hashtag Web3), Ankit Anand (AVP, CoinDCX), Jagdish Pandya (Founder, BlockOn Ventures), and Utkarsh Tiwari (CSO, KoinBX). The representatives outlined how India could benefit from a well-defined Web3 framework that enables business creation, job growth, and improves financial accountability through real-time, auditable digital records. The conversation focused on how a clear and adaptive Web3 framework can contribute to business growth, transparent financial systems, and employment across sectors. Industry estimates suggest that with enabling regulations, India could unlock a USD 100 billion Web3-driven economy by 2035, create over 7 million jobs, and bring in up to USD 2 billion in annual foreign investment. The delegation proposed a set of policy recommendations to help India tap into the global Web3 opportunity, including setting up a National Web3 Advisory Committee to enable regular dialogue between the industry, regulators, and ministries; aligning tax policies to promote domestic innovation and long-term investment; establishing a clear regulatory framework for virtual digital assets, stablecoins, and tokenized real-world assets; and encouraging blockchain-based public infrastructure use cases to improve traceability and reduce inefficiencies. "India has the talent and the tech leadership to shape the global Web3 landscape. What we need now is a regulatory foundation that nurtures innovation, safeguards users, and encourages long-term investment," said Sudhakar Lakshmanaraja. "Stablecoins are becoming central to global financial discussions. For India, they present an opportunity to modernize cross-border payments, strengthen the rupee in digital trade, and build trust through on-chain transparency," said Vedang Vatsa. The delegation stated that Web3 technologies can contribute to India's long-term development goals, including Digital India and Viksit Bharat 2047, by enabling open access systems and verifiable data trails. They also emphasized the need for public-private collaboration in areas like education and skill development to ensure a trained workforce is available for this growing sector. (ANI)
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