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India is emerging as a significant place for the Web 3 ecosystem to evolve at quite an impressive pace. Most probably the country is expected to dominate the world in the field of tech. Recently in a Gartner survey, it came to be known that the tech buying cycle of the government sector in India is somewhat delayed.
Indian Finance Minister Nirmala Sitharaman requested the International Monetary Fund (IMF) to look into the issue and take necessary measures regarding the issue. While the crypto regulations still act as a major concern and subject of debate and discussion. Sitharaman also asked for coordination among global communities and a cooperative approach toward the regulations of cryptocurrencies.
Reserve Bank of India’s executive director Ajay Kumar Choudhary said the tech-based projects should focus more on developing a robust and strong governance system. It becomes more crucial for the sustainability of the project, he added. Such innovations need to be used in a more sensible way while properly managing the involved risks.
According to the report of the aforementioned Gartner survey, the buying of tech products within the public sector is delayed and it took nearly 22 months on average. Out of this long time, delays make up for around one-third of the overall time frame in several instances.
Meanwhile, government organizations across the world have also taken upto two years when it comes to finalize purchases of technology. This clearly includes the significant delays along with the pauses in between.
Further, the report also noted the agreement of global investors over the decision of spending millions of dollars worth of investments on developing the Web 3 ecosystem in India. While detailing this mega project, it took a massive amount of about 4 million engineers along with experienced tech operators and Web 3 communities. Web 3 will soon be proven as a game-changer for the country where it would have taken numerous industrial and innovative initiatives, it added.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
