Web3 Players Present Policy Proposal to MP Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance

A coalition of Web3 industry leaders submitted a policy proposal to Dr. Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance and Member of Parliament (Cuttack). The document outlines a bold national roadmap to establish India as the Blockchain Capital of the World by 2035, with the potential to unlock a $100 billion Web3 economy, generate 7.2 million jobs, and draw up to $2 billion in annual foreign direct investment (FDI).

The delegation included representatives from Digital South Trust, KoinBX, Bharat Web3 Association, CoinDCX, BlockOn, and Hashtag Web3—all key players in India’s emerging decentralized ecosystem. “Web3 is not a buzzword; it’s a foundational layer for India’s digital independence,” said a member of the delegation. “This proposal is about laying the groundwork for Viksit Bharat 2047—a truly inclusive, decentralized, and innovation-led future.”

At the heart of the Web3 policy proposal is the formation of a National Web3 Advisory Committee, designed to create institutionalized dialogue between regulators, ministries, and private-sector pioneers. Such collaboration, the leaders argue, is essential to keep pace with global blockchain innovation and ensure that India is not left behind.

Tax Reform and Regulation: The Key Asks

The Web3 policy proposal submission strongly advocates for tax reforms—most notably, a reduction in the 30% capital gains tax on virtual digital assets (VDAs) and the removal or lowering of the 1% TDS on crypto transactions. These measures, they claim, would vastly improve investor sentiment and legitimize the industry further.

The proposal also calls for a comprehensive regulatory framework covering all segments of the decentralized economy, including stablecoins, NFTs, real-world asset tokenization, and DeFi protocols.

Web3 Firms with Chairperson of the Parliamentary Standing Committee on Finance and Member of Parliament and Member of Parliament Dr. Bhartruhari Mahtab

India’s Global Web3 Moment

The timing of this policy proposal is crucial. With major economies like the U.S. and UAE rapidly adopting blockchain technology, India’s Web3 community believes now is the moment to act decisively.

The delegation aligned their recommendations with Prime Minister Narendra Modi’s Digital India vision, emphasizing the transformational potential of Web3 for transparency, inclusion, and governance reform. “If we get the policy architecture right,” one industry voice said, “India won’t just participate in the Web3 future—we’ll define it.”

As the Parliamentary Finance Committee evaluates the Web3 policy proposal, all eyes are on whether India will embrace this digital leap and position itself as a global leader in blockchain innovation.