India Government Boosts Web3 Sector
The Indian government has announced its support for startups in the Web3 sector, as stated by the Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar. The government’s stance on Web3 was emphasized during a parliamentary session, where a member asked about the support extended to startups in this emerging field. Chandrasekhar emphasized the government’s commitment to ensuring India plays a pivotal role in shaping the future of the Internet and Web3. The Ministry of Electronics and Information Technology (Meity) has initiated several programs to nurture innovation in this area, including the establishment of a Centre of Excellence (CoE) focusing on blockchain technology in March 2020.
Other initiatives under Meity include the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, the SAMRIDH startup accelerator program, the Next Generation Incubation Scheme (NGIS), and the Support for International Patent Protection in E&IT (SIP-EIT) Scheme. These programs offer a wide range of support, including mentorship, funding, training, and networking opportunities, to empower startups at various stages of their development. The Indian government’s proactive stance in supporting Web3 startups underscores its recognition of the sector’s potential and aligns with the global trend of governments acknowledging the significance of emerging digital technologies.
(With inputs from Shikha Singh)
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