For the awareness of the new generation of internet technology called Web3, the Indian cryptocurrency exchange CoinDCX and the biggest media forum, Forbes, organized an event called “Namaste Web3” on Saturday, 11 March.
The “Namaste Web3” educational and awareness program was initiated in one of the luxuries, The Imperial Hotel in New Delhi, along with politicians and members of India’s governing party.
At the “$5 trillion Indian economy: is web3 India’s next big thing?” event the center point of this discussion was India’s G20 precidency and possible prospects in the Web3 industry, also known as the “Decentralized web.”
The “Namaste Web3” conference was driven by the senior leaders from India’s ruling party, including Baijayant Panda — National Vice President — and former Law Minister Ravi Shanker Prasad. In addition, the Chairman of the Parliamentary Standing Committee on Commerce and a Deputy Leader of the Opposition were major contributors to the conference.
Dr. Abhishek Manu Singhvi leads India’s parliamentary committee on commerce and is the biggest Web3 enthusiast; he said, “Web3 can be one of the biggest factors in bringing to fruition India’s dream of becoming a $5 trillion economy.”
Dr. Singhvi emphasized the $5 trillion economy, and talking about web3 technology, he said that web3 is the genius of 2023, where developers are increasingly joining it.
India’s economy saw growth at a 2.4X faster rate compared to the overall economy between 2014 and 2019, and yet. He added, “Educational initiatives like Namaste Web3, which travels from city to city inviting tech enthusiasts and industry leaders to join the Web3 revolution, can be quite effective in informing the public about the potential benefits of blockchain-based finance.”
CoinDCX Founder and CEO Sumit Gupta highlight how India is poised to become a global hub for Web3. Blockchain can solve many challenges and problems and provides more control over data. Moreover, he said Web3 is a “new technology and stack that’s building a new internet.”
According to Mr. Ravi Shankar Prasad, 1,00,000 startups in India are owned by the youth. Many of them provide services outside the country. All this has been possible because of technology.
Additionally, Manish Gupta spoke with Baijayant Panda, National Vice President of the BJB, on further using India’s G20 presidency to formulate VDA regulatory guidelines via international collaboration.
Shweta Shalini also appreciates India’s G20 platform for blockchain networks and elaborated, “I feel that the G20 is a very good platform because cross-border global interoperability will make blockchain more acceptable.”
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The whole conversation favored the development of Web3 in India, which has brought and will bring opportunities for the youth.
