Web3 Industry Submits Blockchain Roadmap to Parliamentary Finance Committee

India has seen an increase in the number of developers and startups working on Web3 technologies like blockchain, NFTs and decentralised finance. In an effort to establish suitable policy frameworks, industry representatives recently met with the Parliamentary Standing Committee on Finance to present proposals aimed at fostering innovation and enhancing regulatory clarity to help position India as a global Web3 hub.

The industry leaders met with Chairperson Bhartruhari Mahtab, included leaders from organisations such as Digital South Trust, Bharat Web3 Association, CoinDCX, BlockOn Ventures, Hashtag Web3, and KoinBX. They highlighted that a clear Web3 policy could boost new businesses, improve financial transparency, and attract jobs and foreign investment.

According to estimates discussed during the meeting, India could unlock a $100 billion Web3-driven economy by 2035, generate over 7 million jobs and attract up to $2 billion in annual foreign direct investment, provided that enabling regulations are put in place. The conversation highlighted how a structured and adaptive Web3 framework could fuel business creation, improve financial transparency through real-time digital records, and open new pathways for employment across sectors.

Industry Pushes for Clear Web3 Rules and Tax Reform

According to Hashtag Web3, key suggestions submitted to the Parliamentary Standing Committee on Finance included simplifying taxation policies related to digital assets, launching nationwide education initiatives to boost digital literacy and tech skills, encouraging innovation sandboxes for startups, legally recognising blockchain records and smart contracts, and enabling the use of digital assets for trade and remittances within regulated environments.

The group also suggest stronger public-private partnerships to boost research and grow the Web3 ecosystem, along with setting up compliance measures that safeguard users without holding back innovation.

Vedang Vatsa, Founder of Hashtag Web3, said stablecoins are becoming central to global financial conversations. He added that stablecoins could make cross-border payments smoother for India, give a boost to the rupee in digital trade, and build trust through transparent blockchain systems.

Sudhakar Lakshmanaraja, Founder of Digital South Trust, said, “India has the talent and tech leadership to shape the global Web3 landscape. What’s needed now, he emphasised, is a regulatory foundation that nurtures innovation, safeguards users, and encourages long-term investment.”

These recommendations highlight the push for clearer Web3 policies as the Parliamentary Standing Committee on Finance explores the role of emerging technologies in India’s digital economy.