Crypto Industry Could Add $184B of Economic Value to India by 2030: NASSCOM

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.

AccessTimeIconSep 24, 2021 at 12:57 p.m. UTC
Updated Sep 24, 2021 at 2:03 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jamie Crawley is a CoinDesk news reporter based in London.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The crypto industry 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 Binance-owned crypto exchange WazirX.
  • The “CryptoTech” industry – companies 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.
  • The industry currently employs 50,000 people in India, a number which NASSCOM expects to grow to over 800,000 by the end of the decade.
  • 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.
  • 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.




Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.