Empowering Innovation: MoS IT Rajeev Chandrasekhar Announces India’s Support for Web3 Startups in Lok Sabha

India’s government, under the leadership of Union Minister of State for Electronics and Technology, Rajeev Chandrasekhar, is taking decisive steps to bolster startups operating in the Web3 landscape, with a particular emphasis on blockchain technology. Addressing concerns related to Web3 during a session in the Lok Sabha on December 6, Chandrasekhar asserted the government’s commitment to supporting initiatives in this transformative domain, considering Web3 as the future of the Internet.

Highlighting collaborative efforts, Chandrasekhar revealed that the Ministry of Electronics and Information Technology (MeitY), in conjunction with Software Technology Parks of India (STPI), the Government of Haryana, Padup Venture Private Limited, IBM, Intel, Global Blockchain Association (GBA), and the Foundation of Innovation and Technology Transfer (FITT), has established a Center of Excellence (CoE) in blockchain technology. This CoE is specifically designed to identify, evaluate, and incubate promising blockchain startups in the country.

The domain-specific CoE serves as a hub for nurturing innovation, providing essential incubation facilities tailored for Web3 startups seeking support and guidance. As India positions itself at the forefront of the Web3 revolution, these collaborative initiatives signify a proactive approach to fostering a thriving ecosystem for blockchain and other innovative technologies in the country.

“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

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.