The startup ecosystem of India, emerged as the third largest in the world, with over 99,000 recognised firms and 108 unicorns. In regard to the Web3 ecosystem, industry players have identified setbacks, that is slowing down the overall growth of the sector. As India observes the National Startup Day on Tuesday, January 16 – CoinDCX’s Sumit Gupta has detailed a glaring issue that, according to him, is crippling the growth of the crypto sector in India. In a sharp attack, Gupta has blamed India’s one percent TDS reduction law on each crypto transaction, as a big reason that’s slowing down the growth of the Web3 ecosystem. “Despite our remarkable progress, with over 112,718 DPIIT-recognized startups and a staggering $42 billion (roughly Rs. 3,48,555 crore) in funding in 2022, why does the Web3 sector face such daunting challenges due to the current TDS regime,” the founder and CEO of CoinDCX posted on X. In 2022, when India was levying taxes over crypto incomes and transactions, the Finance Ministry said it was aiming to keep track of …