What is universal basic income, UBI? Reduce poverty by 0.5 percent
New Delhi, Universal basic Income: Also termed as UBI, A Universal basic income if implemented it will be one of the biggest change India would have ever imagined, however implementing this would mean a cost of 4 to 5 percent of the GDP, which is not expected to be present in the Union Budget, but if implemented this would reduce poverty by upto 0.5 percent.
Not to forget the existing middle class subsidies and food, petroleum and fertilizer subsidies cost about 3 percent. Apart from this around 950 Central Government schemes cost around 5 percent of GDP, so there can be like hood if not in the present but in the future after discussion and through planning UBI can be implemented.
What is universal basic income?
In the Indian context a Universal Basic income (UBI) means each and every citizen of India is guaranteed with a basic income which he/she will get regularly on certain interval. This money can be directly from the government or in the form of some other means. This Income is not the part of the salary one receive from a job he she is working, but as a extra income from the government. This can argued as the best social welfare scheme for any government or society where its entire citizen has at least one source of basic income which will surely reduce the poverty to some extent.
Is it possible now? Arvind Subramanian
After the Economic Survey, Arvind Subramanian, the Chief Economic Advisor stated that a such a inititative like Univeral basic Income is needed to eliminate poverty but time is not ripe for its implmentation. Though he also says that a time has come for its discussion, a serious discussion is needed over it to see if it can be implemented in some way.
So he meant was the present time the infrastructure of the country is not such that such a big initiative be implemented. The UBI might be in the bucket list of the government to-do list but very unlikely it is going to be implemented.
Subramanian then states his position on the subject: "Removing every tear from every eye" based on the principles of universality, unconditionality, and agency - the basic Idea of a Universal Basic Income (UBI) - is a conceptually attracting idea.
There can be many number of implementation challenges which may lie ahead, especially the risk that Universal Basic income (UBI) would become an add-on to, rather than a replacement of, current anti-poverty and social programs
But given their costs, and questionable form of effectiveness, and a real opportunities afforded by the rapidly improving infrastructure, Universal Basic income (UBI) can holds the prospects of improving JAM (Jan Dhan, Aadhar and Mobile) upon the country like India. The question remains how?
The UBI, can be one of the best and efficient way to implement help the poor and each and every country citizen where he she can move over to improving to his other part of life instead all the time worried for arranging for the basic income. There is rising concern about the technology to take over the present job, the Idea itself is appealing to India.