India’s administration has recently reinforced its dedication to nurturing startups focused on Web3 technology advancements. A prominent government official emphasized the significance of Web3 in shaping the future of the internet. “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,” stated the country’s Minister of State for Electronics and Information Technology.
In a recent session of Lok Sabha, India’s lower parliamentary house, queries about the government’s stance on Web3 were raised. A parliamentary representative inquired if the government was assisting Web3 startups through incubation or mentorship programs. Acknowledging the pivotal role of blockchain as a core component of Web3, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar responded affirmatively:
Yes. 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.
Minister Chandrasekhar then elaborated on several initiatives by the Ministry of Electronics and Information Technology (Meity) aimed at bolstering Web3 startups.
In March 2020, a dedicated Centre of Excellence (CoE) in blockchain technology was inaugurated. This initiative is a collaborative effort between Meity, Software Technology Parks of India (STPI), the Haryana state government, Padup Venture Private Ltd., tech giants IBM and Intel, the Global Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT).
“The CoE is a domain-specific specialized incubation facility for start-ups in the area of emerging technologies where infrastructure, technology, leadership, mentoring, training and networking are made available,” Chandrasekhar explained. “This is an initiative to identify and evaluate promising start-ups in the field of blockchain technology.”
Furthermore, he mentioned that Meity extends support to startups working on emerging technologies, not just through incubation but also via mentorship. This is achieved through various schemes like the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, the Product Innovation, Development and Growth (SAMRIDH) startup accelerator program, the Next Generation Incubation Scheme (NGIS), and the Support for International Patent Protection in E&IT (SIP-EIT) Scheme