Indian GDP to boost by US$1.1T through Web3

Indian GDP to boost by US$1.1T through Web3

Written by Alison Lurie, In Business, Published On
December 6, 2022

The World Bank’s estimate for India’s GDP growth in 2022-23 (FY23) dropped from 7.5% to 6.5% on Thursday. 7.5% was the first guess. The World Bank also said that Russia’s invasion of Ukraine and tightening money worldwide would hurt the economy. Visit Bitcoin Code site for the best and safe Crypto trading platform.

A recent study by the Indian non-governmental trade association and advocacy group National Association of Software and Service Companies (NASSCOM) showed that India is a leading global player in the Web3 market because it has a large talent pool, a high adoption rate, and makes products for international markets. The study was done by NASSCOM, an Indian trade and lobbying group not part of the government.

Over the next ten years, Web3 could add $1.1 trillion to India’s GDP, according to the US-India Strategic Partnership Forum (USISPF).

The research also showed that investments in Indian Web3 businesses have grown by 37 in the last two years. This trend is similar to how cryptocurrencies are becoming more popular. India has the least gap between what people want and what they can get compared to the United States, China, and the United Kingdom. This is because more skilled people are moving into the country, which makes Web3 grow even faster.

Also, India is number one regarding reskilling in modern technologies, which is thought to be very important for developing technologies like Web3 and blockchain. There are a lot of real-world applications in India’s Web3 ecosystem, and more than 60% of India’s own companies have set up shops in other countries.

Flipkart, India’s largest online store, just opened a virtual world called Flipverse. People in the area can try products from brands like Puma and Nivea and buy them if they like them.

Polygon helped pay for the group eDAO, which helped make Flipverse. On Flipverse, people will be able to collect digital items that will be sold on FireDrops, Flipkart’s new online shopping platform.

Due to long-lasting geopolitical tensions and aggressive tightening of monetary policy worldwide, the Reserve Bank of India (RBI) recently lowered its estimate of economic growth for the current fiscal year from 7.2% to 7%.

In April, India’s central bank, the Reserve Bank of India (RBI), lowered its estimate of India’s GDP growth from 7.8% to 7.2%.In the first quarter of fiscal year 23, the real GDP went up by 13.5%, which was 3.8% more than before the epidemic. This was mainly because private spending and investment demand went up well.

A top UN body says India’s economic growth will slow to 5.7% this year, down from 8.2% in 2021. The drop is primarily because the government will spend less, and finance costs will go up.

What’s going on in the service business in India?

In September, India’s service industry was less busy than it had been in the previous six months. Prices went up, and there was more competition, which led to this. At the same time, the rate of new business was at its lowest level since March.

Considering the time of year, the S&P Global India Services PMI Business Activity Index went down from 57.2 in August to 54.3 in September. This shows that growth has been going at its slowest rate since March. Since March, this was the worst reading.

Last was the 15th month when the services sector’s production went up. The economy is growing if the Purchasing Managers’ Index (PMI) is above 50. If it’s less than 50, the economy is getting smaller.

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