New Delhi – In a landmark move for India’s digital economy, leading voices from the country’s Web3 ecosystem submitted a forward-thinking policy proposal to Dr. Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance and Member of Parliament (Cuttack). The comprehensive submission outlines a national roadmap aimed at positioning India as the Blockchain Capital of the World by 2035.
The high-level delegation – comprising representatives from Digital South Trust, KoinBX, Bharat Web3 Association, CoinDCX, BlockOn, and Hashtag Web3 – outlined the transformative potential of Web3 for India. According to the proposal, a progressive and innovation-driven policy framework could unlock a $100 billion Web3 economy, generate over 7.2 million jobs, and attract $1-2 billion in annual FDI.
The leaders recommended the formation of a National Web3 Advisory Committee to facilitate collaboration between ministries, regulators, and industry stakeholders. They also emphasized the need for tax reforms, including a reduction in the 30% capital gains tax and the 1% TDS on digital assets, to create a more investor-friendly climate. The proposal called for a comprehensive regulatory framework covering Virtual Digital Assets (VDAs), stablecoins, NFTs, and real-world asset tokenization. Additionally, the promotion of tokenization and blockchain-based use of real-world assets was highlighted as a key growth driver.
