Dream India

Dream India is a project to convert India’s economy into a fully cashless system, by using digital currency.

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Dream India is a project to convert India’s economy into a fully cashless system, by using digital currency. The project was envisioned by Mr. D. Venkatesh Kumar in 2010. Converting the entire stock of physical currency which is circulating in India, into digital currency, is the ultimate goal of the Dream India project. This scheme also involves creating a digital record of every rupee earned and spent in India, by means of unequivocally mandating the public to use digital currency and completely abolishing the concept of physical currency. This record would be maintained securely with the Govt., thus making data concerning financial transactions available on a 24 x 7 basis. All business and taxation transactions are made organized and governed diligently under this project. If this project were to be fully implemented, all basic needs of the people, including food, clothing and place of residence, would be fully met.

During the early 2000s, Mr. Venkatesh approached Mr. Abdul Kalam, the then President, and Mr. Vajpayee, the then Prime Minister, to discuss this project. Further, several leading politicians in Tamilnadu were also approached. However, since there was no proper support or response available, Mr. Venkatesh has been unable to realize the fulfillment of the project.

How it Works

The ‘Dream India’ project envisages a radical and through transformation in India’s economic system by introducing a mandatory electronic payment gateway for all transactions.

Expected Results

The ‘Dream India’ project, if implemented as envisaged here, is expected to result in an irrevocable elimination of black money from the economic system, a cherished dream of Hon’ble PM Modiji.

Origin Story

The ‘Dream India’ project was formulated by Mr.Venkatesh, after he witnessed the innumerable sufferings of the Indian people, who are being pushed into a vicious cycle of poverty owing to the prevalence of black money in the economic system.

Background

Since the time of Independence, India has been suffering from a massive corruption problem, making the poor even poorer and the rich even richer. This problem has demotivated youngsters in our country and caused them to lose faith in the system. To tackle this issue, Dream India envisions an economic system wherein physical currency is completely abolished and digital currency is made mandatory for all.

Hence, by ensuring that digital currency is adopted by using a smart card system for even the smallest transaction, it becomes possible to bring all the black money to a position of perfect accountability. This smart card system helps the government and banks to monitor any person’s financial status, transactions or purchase details. It also immediately brings to the notice of the authorities any kind of suspicious monetary transaction. Thus, criminal and terrorist activities can be easily avoided by using this system.

Expected Results

Elimination of Black Money

By mandating the usage of the money card, physical cash can be avoided completely. Thus, people are prevented from hoarding unaccounted wealth or black money. Moreover, since the 2% tax rate envisaged by Dream India is collected upfront or immediately when a monetary transaction is executed, the possibility of making monetary transactions outside of the tax net is completely eradicated. Thus, the government never suffers any leakage or loss in tax revenue.

Ease of Doing Business

Bureaucratic red tape would be diminished since it would no longer be possible for the bureaucracy to expect unlawful gratification (bribery) for their work. Thus, getting permits and licenses for businesses would be a hassle-free experience. This would be a major boon for India’s youngsters who have always cherished the dream of starting their own business.

Investment in Additional Productive Capacity

Capacity for meeting future requirements of either producers or consumers, as well as capacity for producing the infrastructure necessary for development of the heavy industry segment, would be augmented on account of the fact that due to fall in prices, people’s savings would increase. As savings increase, people would also invest more in businesses.

Free Health Care, Housing, Education, Transport, and Old-age Pension

The word ‘socialism’ was introduced into the Indian Constitution all the way back in 1976. However, the basic services which should be provided free-of-cost in any socialist country are unfortunately not available in India, or are in severe short-supply. To address this situation, Dream India envisages that the funds generated by the universal tax rate of 2% should be applied first and foremost towards ensuring that these basic amenities are available for all citizens. Thus, Dream India would attenuate and eventually annihilate poverty in India.

Infrastructural Development in Rural Areas

In rural areas, an urban-industrial economy would be established as an addendum which represents a more advanced economy, on the base of the present-day rural-agricultural economy. Thus, instead of leaving the farmers to the mercy of the vagaries of the forces of nature, agriculture would be suitably modernized. The funds for this transformation would be obtained from the large corpus of monetary resources available with the government after the implementation of the Dream India project, as a result of the heightened tax revenues brought about by the project.

Job Creation

As investment in the business sector increases, more jobs would be generated for India’s youth. Since youth would have a steady income, there would be a fall in the instances of crimes and other undesirable activities. India would thus become a haven of prosperity and peace.

Objectives

The objectives of this scheme are as follows:

  • India should be transformed into a prosperous country by making evasion of tax a completely onerous task, thus facilitating equitable distribution of wealth and resources among all Indian citizens;
  • The Govt. is able to maintain in its database a record of the whereabouts of every rupee, so that funds cannot be used for crime and other undesirable activities; and
  • Poverty should be attenuated and eventually annihilated by means of introducing welfare schemes; the schemes would be funded from the enhanced revenue collection which has been made possible under the Dream India project.

If fully realized, the above scheme would help to realize the cherished dream of Hon’ble PM Modiji, that India should attain complete freedom from the iniquitous menace of black money.