Most of India’s $1.1 Trillion Growth in Next 11-Year can Come From Yet to be Invented Digital Businesses: Report

In the next 11 months, yet to be invested, ancillary digital asset-related business can be a significant component for India’s US$ 1.1 trillion growth story. The market capitalization of the digital asset market was around US$ 1.5 billion in 2013. According to the report released by US India Strategic and Partnership Forum (USISPF) and crossTower, the market capitalization of the digital asset market is approximately US$ 3 trillion today. The report claims that most of India’s total economic growth in the coming 11 months may be from ancillary digital asset businesses, which are yet to see investments.

Further, the report believes that India can leverage the digital asset opportunity by using Web 3.0 and highlights the reasons why blockchain technology is enough to strengthen India’s financial ecosystem digitally. According to the USISPF president, Mr. Mukesh Aghi, Digital assets are anticipated to have tremendous potential to revolutionize the Indian economy in the next 11 years due to holistic adoption. The digital platforms can lead India to a US$ 5 trillion GDP by 2024-25.

Mr. Kapil Rathi, Co-founder, and CEO of crosstower believes that India has the potential to harness its core resources and its tech-savvy youth. With Web 3.0, India can be a leader in digital assets.

The report also reveals that digital asset adoption is growing almost twice as quickly as the internet. The latter took nearly 7.5 years to reach a billion users from 100 million users. The global financial service market is anticipated to be more than US$ 22 trillion in 2021 and is expected to cross the US$ 28 trillion benchmark by 2025. Right policies and a favorable regulatory framework can support the growth.