Impact of sidestepping stakeholder consultation: Case of India’s TDS on virtual digital assets transactions

Despite consistently housing some of the world’s top technology and engineering talent, India has historically only managed to extract a small portion of the total value created in the IT or internet industry – with the majority being captured by the companies availing Indian IT outsourcing. While Indian technology platforms – i.e., Zomato or CRED – have generated huge success by targeting the burgeoning Indian market, we have yet to see breakthrough Indian platforms at a global scale. Web3 offered a potential divergence to this trend; with VDA marketplace platforms like CoinDCX and CoinSwitch quickly achieving Unicorn status and technology platforms like Polygon cementing themselves as global Web3 leaders.