A generalized algorithm for multiplication is proposed through recursive application of the Nikhilam Sutra from Vedic Mathematics, operating in radix - 2 number system environment suitable for digital platforms. Statistical analysis has been carried out based on the number of recursions profile as a function of the smaller multiplicand. The proposed algorithm is efficient for smaller multiplicands as well, unlike most of the asymptotically fast algorithms. Further, a basic block schematic of Hardware Implementation of our algorithm is suggested to exploit parallelism and speed up the implementation of the algorithm in a multiprocessor environment.