An Open Letter to Prime Minister Narendra Modi

This is by Yogesh Gaikwad, one of our founders ...

Dearest Prime Minister Modi, Top Indian Intellectuals and Top Bureaucrats in the Prime Minister's office,

I would like to divert your urgent attention on five major points: Demonetization, Indian Banks, Black Money, Going Cashless, and How 20|30 Can help.

1. Demonetization
I salute you for a bold decision of demonetization and this is a welcome move to extract black money out from our economy, but I am unhappy with the implementation and follow up incidents. Lot of old people, poor, pensioners, labourers, traditional small businesses suffered massively. I come from a family who served India for three generations in defence and education, and I say openly that the middle and low level bureaucracy is the worst in India. Until and unless there are major reforms in bureaucracy, things won’t move ahead, nor we will develop greatly as a nation. Our only hope after the past 6 decades is one great global leader that is our PM Narendra Modi. The old age bureaucratic laws, red tape and bad implementation will cost us our economic growth dearly in 2017.

2. Indian Banks
Regarding Indian public banks, I would say they are the most anti youngsters and in shambles. We criticize foreign banks like UBS or HSBC on black money but our own banks like SBI, IDBI etc. are so antiquated that they will never support young educated entrepreneurs on merit or help poor farmers but will waive off loans to Mr Mallya or give billion-rupees loans to few controversial entrepreneurs and other "crony capitalists" with poor credit history. Four years ago during college days I was denied Rs 50,000 loan by a bank for a project for disabled soldiers and fight against cancer despite being eligible and they wanted me to mortgage my family house for such a small amount. This is the plight of so many youngsters in India who wish to do good things for the people in a patriotic way.

The actual policies like Startup and Stand Up India never reach grass root level to help small companies. In my recent experience, I waited for five months with three banks and nothing concrete happened. Indian banks ask entrepreneurs, for example , to give five years income returns, father’s income, bank guarantee, etc redundant rules which makes no sense if we wish to create India as a Startup and Entrepreneurs hub. 

Recently, I was abroad, and I would say foreign banks have best innovation program for youngsters, they invest and support young entrepreneurs, and farmers too, while I see opposite in India. Please take this very seriously, else it will be India’s loss in 21st century if we see best talent like example — future Sundar Pichai leaving India to west for better opportunities and farmers or poor suffering in this country.

3. Black Money
The big black money hoarders do not store their money in cash. All the big evaders use digital currency and bonds in foreign accounts. They have not been hurt. Only the rich villagers, small politicians, goons, corrupt small businessmen stash money. We need to stay ahead in time and thinking if we want to seriously remove the black money hoarders from our economy. This initiative, while well intended, had very serious consequences for our people. It comes from an old-fashioned mindset that doesn't understand how the world really works today. We will never get ahead of corruption and lead the world with tactics like this. 

4. Cashless Payments
Foreign country citizens use contactless cards, digital wallets, digital currencies, crypto currencies, blockchain like technology so there is a financial technology revolution taking place abroad which we are not welcoming. I hope soon we put in place a nationwide program to go cashless in India. This is possible with the right mix of experiments and organic growth. 

5. How 2030 can help India?
We are a community of innovators. We would be happy to help India's government during this transition. Our Plan is to create a decentralized world, give more power to people, and reduce bureaucracy. India is a tech giant, but we are followers, not leaders. We want to teach the people of India how to create their own decentralized systems. We will build blockchain innovation centers across India and focus on entrepreneurial problem solving. We are determined to solve problems in Indian healthcare tech, legal tech and change India's corrupt banking and finance sector. 

A new era is coming. Software will replace most of the clerks and white-collar workers, which will give more power to individuals with phones. We don't need to get people in India into bank accounts. We need to do better. India can lead the world in cashless economy, and now is the time to start. 

Sincerely,

Yogesh Gaikwad