Management consulting firm Deloitte has predicted that the metaverse industry in India could have an economic impact worth between $79 billion and $148 billion by 2035. The prediction was contained in a report titled “The Metaverse in Asia Strategies for Accelerating Economic Impact” that offered an in-depth look into the potential of virtual worlds for the continent.
Deloitte noted that the combination of India’s young and tech-savvy population puts it in a pole position to harness the potential of the metaverse. Two other factors Deloitte says will be instrumental in the growth of the metaverse in India are positive regulation from the government and a high level of social acceptance.
Already, the country is showing record-high adoption levels, with a study indicating that 80% of respondents have had previous experience with the metaverse, while over half of those surveyed hinted that they were excited about the possibilities of exploring virtual worlds.
“It is demographically well-positioned to contribute digital labor to the metaverse, especially since it is already a go-to destination for IT offshoring globally and is evolving rapidly into a product development hub,” said Deloitte.
In terms of government interest in regulating the sector, Deloitte’s report notes that India is among the pacesetters in the industry. It highlights the fact that India was one of the first jurisdictions to include the metaverse in its policy considerations on cyberbullying and sexual abuse.
With India inching forward toward unveiling the Digital India Act, it is expected that a proper framework will be established to prevent the crimes of inciting violence and spreading misinformation on the metaverse.
“With more regulatory certainty and a clear legal framework for Virtual Digital Assets, India’s mature digital payments systems can be leveraged to orchestrate the economic infrastructure of the metaverse,” read the report.
India’s government is playing its own role
India’s government has stated that it will provide an enabling environment for Web 3 firms to experiment with new offerings for consumers in the industry. Union Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar announced that “there is absolutely nothing in the law that prevents” firms from exploring metaverse or non-fungible tokens.
Industry participants are hopeful that regulatory clarity can be achieved to back the words of the Minister. However, the country has signaled to use its G20 presidency to push for global digital asset regulations.
The government has been relying on distributed ledger technologies (DLT) in recent months, using them for its central bank digital currency (CBDC) and streamlining local land registries’ operations.
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