India's role in the global Web3 ecosystem has significantly expanded, especially in software development, gaming, and investments, despite the lack of specific crypto regulations. In the past decade, India's share of global Web3 developers rose from 5% to 12%, second only to the U.S. A notable trend is that around 80% of blockchain developers in India are aged 18 to 27, favoring Solana as their preferred platform. Investment into the Indian Web3 sector saw a remarkable 224% increase in 2024, fueled by local funds and corporate venture arms. However, challenges remain, including difficulties in raising growth capital and slow startup growth. Regulatory uncertainties further complicate the investment landscape, with a call for reforms to foster innovation. Despite high taxation on cryptocurrencies, casual trading has increased, indicating a resilient interest in the market. The report emphasizes the need for a clearer regulatory framework to support Web3 development in India.

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