The multinational technology giant Google has partnered with the filmmakers for the documentary that asks everyone across India to grab a camera and film his or her day on 10 October.
It will reach out to communities across the country to capture their day.
Participants can shoot their footage and upload it on Saturday, October 10.
The film is scheduled for release in 2016.
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Scott, in a call out to potential participants said, "'India in a Day' offers a unique opportunity for anyone and everyone across India to grab a camera or a phone and get out there and capture something.
"It doesn't matter how small or personal it is - from riding a bike to calling your mum. It just simply needs to bear witness to what life is like in today's India - that's magical enough."
"This project is so personal to me, as I believe film is a perfect way to showcase what makes India so extraordinary. I hope people take this opportunity to be honest, fun, and revealing. To dispel the myths of India or confirm their truths. It will be a thrill to discover."
Kashyap said the makers want people to give a personal touch to their videos.
"We want to tell the story of India in a single day, and we want you to help. You can grab your camera and capture anything and everything around you.
The film will be executive produced by Scott ('The Martian', 'Gladiator') and Kashyap.
Balki, Kapur and Akhtar will serve as creative consultants.
"We are very excited to partner on this project to help showcase the story of evolving India and look forward to sharing this experience with everyone," Sandeep Menon, Director Marketing Google India said in a statement.