Contd. from Page 09
9.0 Expected Criticism vis-à-vis next generation
reforms
Why is the telecom sector the exclusive beneficiary?
Why make the telecom sector into a zero-debt
sector? The fact is that it is the only sector with the most efficient pan-India
last mile distribution to reach 1 billion Indians. We must enable them to fulfill financial inclusion
goals with 1 billion smartphones. It would build them into an antifragile
monetary stack of India as well as pre-empt LIBRA-like disruptions. India needs
a strong defence by raising the strength of its own telecom players to the
global level. The second critique would be over the absence of direct
or indirect tax on IDD? Blockchain
systems scale up only in a minimum friction scenario which means that the
shared ledger networks must have only embedded tax provision but zero off-chain
reporting compulsions. Another criticism would be that Indians are not ready
for this mass change but this proposal is not to be implemented in a few days
or months. It is a transformation needed for generations to follow. Its real
scale would be on the lines of first-generation economic reforms made in 1991. IDD
is basically the bedrock of the second-generation reforms for Indian economy. Public
blockchains are going to be the infrastructure for the 21st century.
If we don’t adapt right now with the dual legal tender shift, we might miss the
bus.
10.0 Future scope of research
This is a huge transition for Indian monetary system. First,
it will need a public dialogue with wide category of scholars and practitioners.
A wholesome IDD discourse needs to be created to make it a mainstream idea. It
would require a lot of further work in terms of building deep-dive documents on
the technological architecture and workflow of the plan. Which blockchain
technology platform/s would be suitable? What would be the details of the
validator nodes, sybil resistance methods, wallet features, whitelisting
process, privacy guards, consensus protocol, block size, platform choice, TPS,
scalability etc. How the micro-details of Telecom Pool distribution regarding
equity and debt conversion would be finalized? How would the SEBI be brought on-board
on this? What challenges would telecom players face in terms of product pricing
and data plans for both prepaid and postpaid users? A
proper constitutional amendment proposal would need to be designed for updating
legal tender laws, adding new provisions in the articles related with
Consolidated Fund of India, basic structure of the Indian constitution,
transaction tax and GST-exemption clauses. A full roadmap for public adoption
of IDD would be required also. Many more such tasks can be counted. However,
the fundamental goal is simple. India needs to get ready for transforming into
a network state ready for 21st century post-territorial world. IDD
offers us an opportunity. We must grab it.
Acknowledgements
Shrikar Parashar, Sarath Davala, Harsh Patel, Arshad
Ali Sheikh, Devi Prasad Choudhury, Vijay Chugh, Sinclair Davidson, Nilesh Trivedi, Sathya R. Narayana, Vishal Anand
Kanvaty, L. Bhargav Gollapudi, Tanvi Ratan, Santanu Paul, Gangireddy
Buchupalle, M.V. Rajeshwara Rao, V S N Lata, Venkat Koppula, Sateesh Kr.
Gajjala, Kalyani Guddanti, Sunil Bajpai, Anandi Sharan, Nitin Sharma, Gopal Bansal, Azmatullah
Muhammad, Vasiraju Chandrasekhar, Dharmen Dhulla, Kashif Raza, Sri Padma
Vadveru, Sanjay Shramanjothe, Gaurav Aggarwal, Deepak Bhalla, Gaurav Gupta
C.A., Pavan Srinivas Vedantham, Aman Sanduja, Siddiq Ahmed, Balakrishnan
Chandrashekhar, Anirban Bandyopadhyay, Sumit Puntambekar, Dilip Singh, Abhishek
Mangudkar, Shuchita Ahuja Kaushik, Bishal Goyal, S. Sanjit Rao, Srikanth
Harathi, Subbaraju Vastavai, Viswanath Akkula, Ajay Yadav, Ashok M. Raja,
Ravikanth Andhravarapu, Asit Kadayan, Shree Sule, Asit Kadayan, Naimish
Sanghvi and many more.
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