While television continues to dominate the media landscape in India, it should come as no surprise that, like many other countries in the world, digital is making rapid inroads. According to a 2021 industry report, India’s digital media market is valued at over Rs 3 lakh and is projected to surge to Rs 537 crore by 2024.
With general elections scheduled for the same year, the 2023 federal budget, which is due to be announced this Wednesday, will provide a final boost to the government’s economic policies. We pay close attention to planning emerging technologies in the digital space.
Keerthi R Kumar, Head of South Business at FoxyMoron, said the Indian government has already taken several steps to promote digital media and technology, including the introduction of the Digital Media Code of Ethics Regulations 2021 and the Digital India Initiative. said.
he said: accepted as a safer alternative to cryptocurrencies); deregulating cryptocurrencies; Invest in research and development.
Kumar added that the Indian government could consider offering tax breaks and subsidies to companies investing in blockchain technology. This is because it will help further promote the use of blockchain technology in India.
The Budget defines a virtual digital asset as “any information, code, number or token (not Indian currency or foreign currency)”. According to Kumar, the Indian government may consider easing cryptocurrencies to encourage the use of blockchain technology in India. Rules.
Blink Digital’s technology director, Amer Ahmad, argues that governments need only regulation and clarity.
“India is one of the largest adopters of web3. Despite this, there are no clear regulations regarding crypto and the web3 space. As, this lack of clarity in regulation makes brands very insecure and reluctant to enter this space means that the TDS regulation is very detrimental to the space we are in the web3 hub And if it wants to thrive, the government needs to come up with clear and constructive regulation and move away from its current flip-flop stance.”
“We entered this new year with great anticipation and high hopes for crypto and web3 blockchain applications with the deployment of 5G in addition to the booming metaverse. Regulatory measures will be further strengthened in this developing industry: Well-defined cryptography provides clarity and encouragement for brands and agencies to explore further.
“Advanced blockchain technology also has great potential for public sector applications such as digital payments, land registration, notarization, supply chain traceability, healthcare, education, data management, auditing, taxation and voting. We can appreciate the merits and the international cooperation in regulating the laws surrounding cryptocurrencies,” Kothari added.
Blockchain’s potential reminds us that the Modi government’s roadmap for India to become a $5 trillion economy by the end of 2010 is based, among other things, on digital assets created domestically and exported to the world. and more clear. .
In addition, Vivek Kumar Anand, Director of Business and Innovation at DViO Digital, believes blockchain technology will not only bring efficiencies to various government initiatives, but will also create massive employment opportunities, helping businesses, entrepreneurs We see great potential to establish ourselves as a global leader in attracting homeowners and entrepreneurs. Talent from all over the world, enabling the economic growth of the country.
He said there are three key steps governments can take and include in their next budget. The first is the applicability of blockchain in a variety of programs, such as vehicle ownership transfer records, where corruption-free, decentralized and transparent logging, taxation, and unified health IDs will enable patient data. Allows for effective encryption and exchange.
The second is the creation of industries, said Anand. We provide the ecosystem, infrastructure and policies that support this industry. So making it a haven for blockchain entrepreneurs around the world will ultimately lead to jobs and economic growth. ”
“And the third is talent creation given the surge in demand for talent with expertise in blockchain, AI and meta. In terms of scholarships or even as skills-based programs supported by the government, this is not only employable but also takes the education system to the next level and establishes itself as a global leader. It helps us create a talent pool that helps us do that.”
The government’s Digital India initiative includes programs to foster collaboration between industry players and academic institutions in developing innovative solutions. Additionally, the government has issued the National Digital Communications Policy 2018 to promote cooperation between industry and academia in the development of digital communications technology. To promote the use of blockchain technology in the country, the government has already launched the National Blockchain Framework.
Rajagopal Menon, Vice President of WazirX, said governments could bring together industry leaders, academics and government officials to share knowledge, collaborate on research projects and establish a blockchain mission to improve the quality of governance. I am proposing.
“Governments have the ability to create a regulatory environment that fosters the growth of digital media and technology. For example, governments can issue guidelines on the use of blockchain technology in financial services, supply chain management, and land registration”, and of course more research and development.
Bharat Patel, Chairman and Director of Yudiz Solutions Ltd, believes that a major priority for the central government should be to establish a cybersecurity task force and increase spending in that area. “While recognizing the growth of profitable sectors such as the metaverse, gaming and blockchain, we must also focus on developing skills, start from the ground up, establish infrastructure and continue to explore the sector broadly. The AVGC (animation, visual effects, games and comics) sector should get a big boost due to its huge scope.”
He adds that the country is proficient in the field of game development and has the expertise and talent to publish those games on a global level. “Concepts and ideas should be inspired by mythological stories such as Amaru Chitra Kata, Mahabharata, Ramayana. A little push from government agencies is enough to make decisions,” said Patel.
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