India is uniquely placed to shape the contours of the metaverse - a large talent pool of creators, developers and a vibrant technology startup ecosystem in the country are all contributing to it.
A recent study by Analysis Group estimates that the metaverse could contribute 4.6% or equivalent of $240 billion to India’s GDP by 2031 if adoption of the metaverse was to begin today and grow in a similar way as mobile technology in India. This finding articulates the potential to have substantial, beneficial economic impacts including contributing to GDP growth, creating jobs, and increasing productivity in India. Just as India became the hub for software development in the ’90s, India’s talent pool of developers and creators, entrepreneurs and startups will play a critical role in shaping the future of the metaverse.
The program includes an Accelerator and a Grand Challenge, and will be run and managed by the Foundation for Innovation and Technology Transfer (FITT, IIT Delhi).