The recent pandemic has accelerated the adoption of remote work, leading to a rapid transformation in the way we work. With businesses increasingly seeking qualified professionals from across the globe to keep pace with changing business conditions, India, with its massive youth population, is set to become the world’s largest workforce by 2027. To prepare for this, it is essential to deliver Web3 education to equip the youth with the necessary skills for tech innovation.
India’s rapid adoption of new-age technologies, growing startup ecosystem and digitally-skilled talent potential is cementing the country’s position in the global Web3 landscape. However, to continue dominating the crypto tech and Web3 space, India must invest heavily in Web3 education and training, ensuring the enviable position and the ability of India’s skill development.
Despite the changing market and organizational needs, training youth with adequate, relevant, and job-ready skills for the digital economy remains a significant challenge. The World Economic Forum estimates that by 2025, 50% of all existing employees will require some reskilling to avoid leaving over 2.5 million employment opportunities in India unfilled.
Web3 technologies are set to spur vast growth in skilled labor in India, with increased security and visibility to track complex variables related to sustainability and ethical sourcing. Blockchain will help procurement organizations in all industries lower their costs and improve performance while driving greater value for their companies.
The oncoming phenomenon of Decentralized Autonomous Organizations, or DAOs, will shift the use of human capital toward creative industries with creative market-driven employment structures that will allow employees to have the freedom to work as they want, anywhere and anytime.
The local need for a technologically equipped workforce will soon exceed the workforce that India provides to the world. India recorded 44 new billion-dollar technology companies in 2021, compared with 10 in 2020 and 9 in 2019, growing in quadruples in tech companies. With expanding sectors from financial, agricultural, and educational technology to life-sciences companies, games companies, and online marketplaces, it is essential to continue growing the tech workforce to meet the oncoming gargantuan demand for Web3 workers.
The Indian government and education platforms are stepping forward to promote tech-enabled learning approaches that promote access to relevant programs that can assist learners in excelling in their careers. Additionally, with a thorough understanding of the changing job landscape, professionals recognize the need to upskill to thrive in this competitive market.
Upskilling can also allow rural populations to thrive economically. With the government’s massive effort to provide internet access to remote areas of India, developing a digitally savvy tech workforce is a sound economic policy.
In conclusion, there is a massive need and ample demand for India to reskill, upskill, and train in Web3 technologies. This will not only impact our economic future, but it will also make us a well-trained, modern tech nation that will be the envy of the world. The author, co-founder, and CEO of 5ire, was invited by the Government of India’s NITI Aayog to engage with top mentors in Indian schools to share the mission of scaling blockchain and Web3 education. It was encouraging to see the interest among mentors and students in blockchain. Today, most people realize the need and importance of constantly learning and upskilling.