Chennai: Tamil Nadu is already the SAAS capital of the country and may be the capital of Web3, Minister of State for IT and Digital Services Mano Thangaraj has said.

On Friday he was addressing the ‘TN Web3 – Build Ahead’ meeting organized by the Electronics Development Corporation of Tamil Nadu (Elcot) in association with industry.

Any new industry would need two things: an inclusive government and talent. TN has both and the government is ready to give full support to stakeholders to make the state the world capital of Web3, the minister said.

“The government is trying to catch all the players in the Web3 space. We are taking the lead in ushering in a new data-driven governance that is transparent and effective. We urge all the actors in the ecosystem to be part of it and the government will support all good projects and initiatives,” she said.

The meeting was organized as a thought leadership initiative to build sustainable and healthy Web3 hubs that could provide employment for over 10,000 people a year. It also sought to explore rapidly evolving technologies and ongoing projects in the areas of blockchain and decentralized finance.

Introducing the context, Giottus CEO Vikram Subburaj explained how the Internet went through various phases and reached Web3. Web3 is the next update to the internet with global giants like Facebook, Google, TCS, Tesla, MasterCard, BlackRock Investments, PayPal and Samsung all investing in Web3 projects. Web3 and blockchain can add a staggering $1.1 trillion to India’s GDP by 2032, Vikram said.