The Indian government has affirmed its dedication to supporting startups involved in Web3 innovation within the country. During a session in Lok Sabha, the Minister of State for Electronics and Information Technology expressed the government’s dedication.
This commitment was in response to queries regarding the government’s support for Web3 startups. The focus was on initiatives like incubation or mentorship programs.
Indian Government Backs Web3 Startups and Blockchain Innovation
In response to a parliament member’s inquiry about government backing for Web3 startups, Minister Rajeev Chandrasekhar acknowledged the significance of blockchain in the Web3 landscape.
He placed strong emphasis on the government’s unwavering commitment which is directed towards fostering innovation in Web3. It also aims to ensure that India’s innovators actively contribute to shaping the future of the internet.
Minister Chandrasekhar went on to elucidate various initiatives initiated by the Ministry of Electronics and Information Technology (Meity) to bolster Web3 startups.
In March 2020, a collaborative effort took place, engaging Meity, Software Technology Parks of India (STPI), the government of Haryana, Padup Venture Private Ltd., IBM, Intel, the Global Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT).
This joint endeavor culminated in the establishment of a Centre of Excellence (CoE) specifically dedicated to blockchain technology.
Meity Supports Emerging Tech Startups with Comprehensive Programs
This Centre of Excellence (CoE) functions as a specialized incubation facility for startups in the emerging technologies sector. It offers crucial resources, including infrastructure, technology, leadership, mentoring, training, and networking opportunities.
Additionally, Minister Chandrasekhar emphasized Meity’s backing for startups involved in emerging technologies. This support is evident through a range of programs.
These include the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, the Product Innovation, Development, and Growth (SAMRIDH) startup accelerator program, and the Next Generation Incubation Scheme (NGIS).
Furthermore, there’s assistance provided through the Support for International Patent Protection in E&IT (SIP-EIT) Scheme. These initiatives aim to foster a conducive environment for startups, offering incubation, mentorship, and support for those pioneering advancements in Web3 and other emerging technologies.