The Indian Government Supports Web3 Startups
The Indian government has expressed its commitment to supporting startups in the Web3 sector. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, affirmed that Web3 represents the future of the internet and that the government will ensure Indian innovators shape this future.
Government Initiatives to Support Web3 Startups
In response to a query in parliament, Minister Chandrasekhar outlined several initiatives undertaken by the Ministry of Electronics and Information Technology (Meity) to support Web3 startups. These include the establishment of a Centre of Excellence (CoE) focused on blockchain technology in collaboration with various stakeholders. The CoE serves as a specialized incubation facility for startups in emerging technologies, providing them with infrastructure, mentoring, training, and networking opportunities. Additionally, Meity supports startups through schemes such as TIDE 2.0, SAMRIDH, NGIS, and SIP-EIT, which offer incubation, mentorship, and patent protection support.
The Future of Web3 and Internet
The Indian government’s recognition of Web3 as the future of the internet demonstrates its commitment to fostering innovation in the country. By providing crucial support to startups in the Web3 sector, India aims to position itself as a hub for emerging technologies. This proactive approach aligns with the global trend of embracing blockchain technology and its potential to revolutionize various industries. As Indian startups continue to drive innovation in Web3, they have the government’s assurance that necessary resources and support will be available to help them thrive and shape the future of the internet.
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