TN can be Web3 capital, govt ready to extend all support to industry, says minister

‘TN Web3 - Build Ahead' meet-up was organised by the Electronics Development Corporation of Tamil Nadu (Elcot) in association with the industry. Photo: Special arrangement

Chennai: Tamil Nadu is already the SAAS capital of the country and it can be the Web3 capital, State Minister for IT and Digital Services Mano Thangaraj has said.

He was addressing the ‘TN Web3 - Build Ahead' meet-up organised by the Electronics Development Corporation of Tamil Nadu (Elcot) in association with the industry here on Friday.

Any new industry would need two things: an inclusive government and talent. TN has both and the government is ready to provide all support to stakeholders to make the state the Web3 capital of the world, the minister said.

“The government is trying to rope in all players in the Web3 space. We are taking the initiative to usher in new data-enabled governance which is transparent and effective. We urge all players in the ecosystem to be part of it and the government will support all the good projects and initiatives,” he said.

The meet-up was organised as a thought leadership initiative to build sustainable and healthy Web3 hubs that could provide employment to over 10,000 people a year. It also sought to explore the rapidly evolving technologies and ongoing projects in the areas of blockchain and decentralised finance.

Presenting the context, Giottus CEO Vikram Subburaj explained how the internet passed through various phases and arrived at Web3. Web3 is the next upgrade of the Internet with global giants like Facebook, Google, TCS, Tesla, MasterCard, BlackRock Investments, PayPal, and Samsung all investing in Web3 projects. Web3 and blockchain can add a staggering $1.1 trillion to India's GDP by 2032, Vikram said.

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