Web3 Leaders present policy proposal to Parliamentary Finance Committee

New Delhi:  A delegation of Web3 industry leaders has submitted a detailed policy proposal to Dr Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance and Member of Parliament from Cuttack. The submission outlines a national roadmap to position India as a leading hub for blockchain innovation by 2035.

The high-level delegation, comprising representatives from Digital South Trust, KoinBX, Bharat Web3 Association, CoinDCX, BlockOn, and Hashtag Web3, outlined the transformative potential of Web3 for India.

According to the proposal, a progressive and innovation-driven policy framework could unlock a $100 billion Web3 economy, generate over 7.2 million jobs, and attract $1–2 billion in annual FDI.

The leaders recommended the formation of a National Web3 Advisory Committee to facilitate collaboration between ministries, regulators, and industry stakeholders. They also emphasized the need for tax reforms, including a reduction in the 30% capital gains tax and the 1% TDS on digital assets, to create a more investor-friendly climate. 

In addition, the document outlines the need for a comprehensive regulatory framework for Virtual Digital Assets (VDAs), stablecoins, NFTs, and tokenisation of real-world assets. The use of blockchain technology in real-world asset management was flagged as a significant opportunity for growth.

The delegation called on the Committee to treat the issue with urgency, stating that Web3 represents more than a passing trend. Rather, it is described as a “foundational pillar for Viksit Bharat 2047”, a vision of a transparent, inclusive, and decentralised digital economy aligned with Prime Minister Narendra Modi’s Digital India initiative.