Report: India’s Crypto Industry Could Add 800k+ Jobs By 2030
The segment of cryptocurrencies in India has the potential to add $184 billion of economic value by 2030
The Crypto Industry could add $184B of economic value to India by 2030. The industry currently employs 50,000 people in India, a number which is expected to grow to over 800,000 by the end of the decade. Amid the urban unemployment rate, this is highest at 10.3% in Q3 2021 according to the national statistical office.
The segment of cryptocurrencies in India has the potential to add $184 billion of economic value, in the form of investments and cost savings, by 2030, according to a report from the country’s premier trade body for the tech industry.
The report, entitled “Crypto Industry in India” was published by the National Association of Software and Services Companies (NASSCOM) in conjunction with crypto exchange WazirX.The crypto startups involved in trading, payments, remittances, retail and more – is expected to reach a size of $241 million in India by 2030, and $2.3 billion globally by 2026.
This expected exponential growth is likely to be backed by the fast adoption of crypto-related investments by the country’s young population.
Crypto investment in India has indeed seen massive growth over the last year, with recent analysis from blockchain analytics firm Chainalysis claiming a surge from $923 million to $6.6 billion.
The report sheds light on how the Indian cryptocurrency market is on an exponential rise, growing steadily over the last few years.
As more and more young Indian investors are excited to explore newer investment options, they are adopting cryptocurrencies such as Bitcoin, Ethereum and Polygon to make investments that promise them viable returns, it said.
These digital currencies along with other applications of DLT have garnered significant attention leading to an exponential growth of Crypto Industry in India, it added.
According to the report, more than 60 % of States in India are emerging as Crypto technology adopters and over 15 million retail investors, the industry is increasingly attracting start-ups to adopt Crypto Technology.
Over 230 start-ups are operating in India in the Crypto space. Rising investment from institutional and retail investors has heightened awareness of the benefits of Crypto Technology in the country.
Debjani Ghosh, President of NASSCOM, said,
“Crypto industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as a fastest growing technology sub-sector.
India provides the most unique ecosystem to Crypto to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade and finance, and remittances and help in addressing pandemic-induced challenges.
A consultative and enabling regulatory report towards Crypto technologies can help drive the growth of Crypto ecosystem and innovation in India.”
Even various corporations and start-ups are partnering with the government, industries, and academia to create use cases on health & safety, digital identity, trade finance, and solve critical challenges induced by the pandemic.
The report further highlights that Bitcoin, Smart Contracts, Decentralised Finance, The Wave of Tokenization, Non-Fungible Tokens, Rise of CryptoTech Capital and Central Bank Digital Currencies would be seen as 7 key trends driving the growth and adoption of Crypto Technology in India.
While at a nascent stage, the industry is already picking up and creating employment opportunities across trading, software development, analytics, and other practices.
This has taken place despite a cloud of regulatory uncertainty hovering over the country, with an outright ban proposed by the country’s government at the start of this year.
The government subsequently loosened this tough stance, with suggestions in June that bitcoin would be classed as an asset class under a proposed crypto regulation bill.
By Harish Kumar