The report unveils the SECURE framework, offering a balanced regulatory approach to foster Web3 innovation and drive India’s leadership in the global digital economy
Bengaluru, 28 October 2024 – Primus Partners, India’s leading home-grown consultancy, has released an in-depth analysis that highlights India’s unique advantages in the global Web3 landscape. The report emphasizes that Web3 has the potential to significantly impact the Indian economy, with estimates suggesting it could drive 27% of India’s incremental GDP by 2032. With the third-largest Web3 talent pool and over 1,000 startups, India is well-positioned to lead in the global Web3 space.
NASSCOM’s India Web3 Startup Landscape projects that Web3 could contribute $1.1 trillion to India’s GDP by 2032 and create over 8 million jobs in the sector. However, the absence of a clear and comprehensive regulatory framework may hinder India from fully realizing this economic potential. Regulatory uncertainty has led to the relocation of over 270 Web3 startups from India since April 2022, suggesting that a lack of regulation could impact growth and innovation. Insufficient action in this area may result in a decline in Foreign Direct Investment (FDI), lost GDP contributions, and a reduced competitive position in the global market.
To address these challenges, Primus Partners proposes the SECURE framework for regulating Web3 in India. This framework—Standardised, Equitable, Consumer-focused, Unified, Risk-based, and Economy-centric—aims to foster innovation while ensuring robust consumer protection, offering a balanced approach to support the growth of the Web3 ecosystem.
