According to a new report by Deloitte, the economic impact of the metaverse in India could potentially range from $79 to $148 billion per annum by 2035, which is about 1.3% to 2.4% of the country’s GDP.
With over half of its population under 30, India produces the highest number of STEM graduates globally and is demographically well-positioned to impart digital labor to the metaverse.
The report also estimates that the metaverse impact on GDP in Asia could range between $0.8-1.4 trillion per year by 2035, almost 1.3 to 2.4 percent of overall GDP.
The report emphasizes digital payments and gaming/entertainment as the key sectors where the metaverse would impact India. According to the report, digital payments will be an indispensable component of the metaverse for trading digital assets. India could feature robustly in the fields, as the rates of real-time digital payments of the country are the highest in the world, the report added.
According to the report, awareness of the metaverse in Asia is high. Millions of people in the region are already using early metaverse platforms for gaming, socializing, purchasing items, creating digital twins, and attending concerts. However, a fully immersive metaverse with real-time offerings of visually rich worlds is still years away.