INDIA: India stands to gain big time from the “Metaverse,” a technological evolution that is currently taking the whole industry by storm.
Metaverse’s potential economic impact on India could lie somewhere between $79 and $148 billion yearly by 2035, or 1.3% to 2.4% of the country’s GDP, a recent Deloitte report said.
Till 2035, the Metaverse may have an annual influence on Asia’s GDP of $0.8–1.4 trillion, or around 1.3–2.4 percent of global GDP, the recent Deloitte report added.
The potential effects of the Metaverse on 12 Asian economies—India, Hong Kong, South Korea, Singapore, Indonesia, Mainland China, Japan, the Philippines, Pakistan, Taiwan, Vietnam, and Thailand—are highlighted in this analysis, which was compiled into a report titled, “The Metaverse in Asia: Strategies for Accelerating Economic Impact.”
India’s economy and Metaverse
India is set to emerge as the third-largest economy in the world by 2030, thanks to its young, digitally connected population, which is prepared for the Metaverse.
The nation produces the most STEM (science, technology, engineering, and math) graduates in the world and is demographically well-positioned to contribute digital labour to the Metaverse, with more than half of its population under the age of 30.
The precise numbers would alter based on the distinctive approaches these economies would take to encourage and hasten the benefits of the Metaverse.
Strong digital skills, high levels of social acceptance, and more stringent security and privacy legislation are key enablers for India.
The report highlights two key sectors where the Metaverse will have an impact in India. Digital payments as well as Games and entertainment sector will have a major impact.
Digital payments: A key element of the Metaverse’s trading of digital assets will be digital payments. India, which has the highest percentage of real-time digital payments in the world, could play a crucial part in this progression.
Games and entertainment: India has the largest mobile gaming market in the world in terms of app downloads, a promising development as games are a key entrance point into the Metaverse.
“Aside from the obvious demographic advantage, its people are more optimistic about the Metaverse than the rest of the world. The Metaverse could provide interesting chances for Indian tech talent,” Deloitte India partner and sector head for media and entertainment Jehil Thakkar observed.
The Metaverse is intended to advance how people work, use technology, and cooperate while also opening up new markets, economic opportunities, and job opportunities. If completely scaled up, these advances will have a profound impact on Asia’s four billion residents.
Depending on its advantages, each Asian region has a unique metaverse strategy. These advantages can range from the supply chain for electronics and semiconductors to tech talent and developing a regulatory framework.
The study showed that the Metaverse is well known in Asia, where millions of users are already using early metaverse platforms for gaming, socialising, creating digital twins, attending concerts, and making transactions.
A completely immersive metaverse with smooth real-time depictions of visually stunning environments for millions of concurrent users is still years away, though.
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