India to Support Startups Innovating in Web3, IT MoS Rajeev Chandrasekhar Tells Lok Sabha

The government of India is committed to supporting startups that are working in the Web3-related fields, with blockchain being an important area of focus. The information was revealed by Rajeev Chandrasekhar, the Union Minister of State for electronics and technology. Chandrasekhar called Web3 the future of Internet as we know today while answering to Web3-related concerns at the Lok Sabha on December 6. He further said that the IT ministry has established collaborative initiatives to identify and incubate promising Web3 startups in the country.

In order to identify and evaluate blockchain startups, a centre of excellence (CoE) in blockchain technology in collaboration with MeitY, Software Technology Parks of India (STPI), Government of Haryana, Padup Venture Private Limited, IBM, Intel, Global Blockchain Association (GBA), and Foundation of Innovation and Technology Transfer (FITT) has been established.

This CoE is domain-specific in nature and provides incubation facilities for Web3 startups seeking assistance.

“Web3 represents the future of Internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet. MeitY supports startups that are innovating in the emerging technologies in the form of incubation or mentorship,” Chandrasekhar said.

In addition, the IT ministry has also initiated a programme titled ‘FutureSkills Prime’ — that offers nine courses designed around exploring the use cases of blockchain. A total of 1,999 enrolments have been registered for this programme so far. Over 1,000 government officials have also already been trained in Blockchain in the recent past.

“We are delighted to see initiatives such as Algobharat, Regulatory Sandbox, and a startup-friendly environment created by the government. Such initiatives will not only create jobs for the youth of the country but also bring in a lot of foreign investment to create a thriving Web3 startup ecosystem in India. We remain optimistic that India will lead the world in blockchain innovation by leveraging the power of its technical workforce and a ready market for using Web3-related products and services,” Om Malviya, President at Tezos India told Gadgets360.

Chandrasekhar has however noted that the government is yet to come up with a proposal to collaborate with industry stakeholders and create awareness and understanding about the potential of Web3 technologies.

Earlier in November this year, Chandrasekhar reacted strongly to Binance founder and former CEO Changpeng Zhao’s admission to having violated US’ anti-money laundering laws. At the time, he had warned crypto firms against misusing technology to flout laws and accomplish illegal activities.

“Using new technology to break the law does not make you a disrupter. It makes you a criminal,” Chandrasekhar had noted at the time.