India’s Prime Minister Narendra Modi has spoken out in favor of giving support to distributed ledger technology (DLT), outlining its potential to change lives.
Modi sees emerging technologies such as blockchain boosting the Indian economy and creating a more buoyant employment landscape which could change the lives of “the last person waiting in the queue”.
These are encouraging words for an industry which is seen to be struggling this year, not helped by a controversial crypto ban which is under enforcement, and a sluggish performance to date by the government in passing helpful blockchain legislation.
Research conducted by Incrypt earlier this year found that 80% of developers could be forced to move abroad due to the distinct lack of regulatory frameworks in India. According to hiring solutions provider Belong Technologies, only 5,000 (0.25%) of the 2 million blockchain developers in India have the right blockchain skills.
The survey indicated that “the delay in putting together a framework for blockchain is causing India to lose out on jobs, drag in capital infusion, lack of innovation for local problems, talent flight, and setback in global positioning”.
These new comments could mark a positive change for the development and legislation of blockchain technology and help in retaining the skill needed to push into mainstream adoption across the sectors. A recent move in Hyderabad to create a blockchain district show some state governments’ willingness to take the next step. The Hyderabad project would see multinational IT services provider Tech Mahindra join forces with Telangana state government for the construction of the hub in the state capital.
Although the prime minister has waxed lyrical regarding blockchain on more than one occasion, the government will need to lead from the front and implement such plans as those in Telangana to show that it is serious.
The potential for blockchain in the Indian farming sector is huge as the second biggest global producer of wheat, rice, cotton, sugarcane, silk, groundnuts and dozens more produce. It is also the second biggest harvester of vegetables and fruit, representing 8.6% and 10.9% of overall production, respectively. Agricultural supply chains, often victims of mismanagements and corruption in India, will benefit enormously from a DLT adaptation, a fact not lost on Modi in a speech made earlier this year:
“The responsibility of helping our farmers rests on the shoulders of the new generation. Agricultural students will add value addition to the farmers in our country. There is one important technology in agriculture-artificial intelligence. In the coming days, blockchain technology will also play a huge role.”
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