The likely economic impact of the metaverse in India will be between $79 billion and $148 billion per year by 2035, or 1.3% - 2.4% of overall GDP, says analysis by management consulting company Deloitte.

The report entitled ‘The Metaverse In Asia - Strategies For Accelerating Economic Impact’ states that the metaverse impact on Asia’s GDP could range between $0.8 trillion and $1.4 trillion annually by 2035 and highlights the possible effect of the metaverse in 12 economies in Asia. These are Hong Kong, India, Indonesia, Japan, China, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

The research also underlines the methods these economies are adopting to take advantage of the metaverse, with every economy taking a varying approach to the metaverse.

India has a young, digitally-connected population ready for the metaverse, the findings show. The country is also forecast to have the third-largest economy by 2030, the report states.

“The nation produces the most science, technology, engineering, and mathematics (STEM) graduates worldwide since more than half of its population is under 30. Given that it is already the preferred location for IT offshore globally, it is demographically well-positioned to provide digital labour to the metaverse. High levels of social acceptance, good digital skills, and more stringent security and privacy legislation are key enablers for India,” the report says.

In addition, the research underscores the significant awareness of the metaverse in Asia, and millions of people are already using the metaverse platforms for gaming, attending concerts and making purchases.