Indian Government Confirms Commitment to Supporting Web3 Startups

The Indian authorities has confirmed its committedness to supporting startups that are innovating successful the Web3 assemblage successful India. “Web3 represents the aboriginal of net and the authorities is committed to ensuring that the innovators and innovation from India make the aboriginal of Web3 and internet,” said the country’s Minister of State for Electronics and Information Technology.

Indian Government’s Web3 Stance

The Indian authorities answered immoderate questions astir Web3 successful Lok Sabha, the little location of India’s parliament, connected Wednesday.

The Minister of Electronics and Information Technology was asked by a parliament subordinate “whether the authorities supports startups that are innovating successful the Web3 assemblage successful the signifier of immoderate incubation oregon mentorship.” Noting that blockchain is “an important constituent of Web3,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar replied:

Yes … Web3 represents the aboriginal of net and the authorities is committed to ensuring that the innovators and innovation from India make the aboriginal of Web3 and internet.

Minister Chandrasekhar proceeded to outline assorted initiatives undertaken by the Ministry of Electronics and Information Technology (Meity) to enactment Web3 startups.

He explained that successful March 2020, a Centre of Excellence (CoE) focused connected blockchain exertion was established done a collaborative effort involving Meity, Software Technology Parks of India (STPI), the authorities of Haryana, Padup Venture Private Ltd., IBM, Intel, the Global Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT).

“The CoE is simply a domain-specific specialized incubation installation for start-ups successful the country of emerging technologies wherever infrastructure, technology, leadership, mentoring, grooming and networking are made available,” Chandrasekhar detailed. “This is an inaugural to place and measure promising start-ups successful the tract of blockchain technology.”

Moreover, helium added that Meity supports startups that are innovating successful emerging technologies successful the signifier of incubation oregon mentorship done 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 successful E&IT (SIP-EIT) Scheme.

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