Maliekkal Ouseppachan was a political visionary who shared a common dream with party head and the then Chief Minister Janardhanan Kurup, as well as with Saghav Gopalan of the opposition even though the latter subscribed to different ideology. The dream had to do with the betterment of the livelihood of the people of Kerala, especially those below poverty line. The Chief Minister passes away unexpectedly. Since the Legislative Assembly has another year's tenure left, the party decides to make Ouseppachan the new Chief Minister. But Ouseppachan refuses the offer and his son Thommichan is made the Chief Minister. The rest of the story revolves around how Thommichan tries to fulfill the dream of his father of a bright new Kerala and the trials and tribulations he faces en route.

Rashtram's story is set against the backdrop of the political situation in Kerala. It revolves around Thommichan (Suresh Gopi) the son of political ideologue and ex-minister Ouseppachan, fondly called Kerala Gandhi. Thommichan is one of Ouseppachan's seven children all of whom are well placed except for Thommichan who settles down at home tending to the family. Madhu takes on the role of Maliekkal Ouseppachan, while Nedumudi Venu dons the Chief Minister's role and Thilakan that of the Opposition Leader Saghav Gopalan. Anil C. Menon directs the screenplay penned by Sajeevan. Biju Jacob handles Cinematography while Deepak Dev puts Kaithapram's lyrics to music. With a spate of politically oriented films slated for release, it remains to be seen which will make it at the box office.