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Kerala PSC Indian Economy Book Study Materials Page 557
Book's First Pagernin o io onomi ss es 21.15 India, the country performs much better in its Government of India (GoI) needs to settle several commitment towards reducing inequality. concerns involved with it. conclusion An effective iDeA In recent years, the Government of India has We find the idea of UBI gaining ground among become more sensitive to the issue of alarmingly several countries across democracies and non- high inequality in the country and looks committed democracies—right from France to Finland to take suitable steps to check it also. Not only to China (where a similar scheme, the dibao, some effective right-based schemes have been is implemented). Such a scheme is generally launched in recent times but the Government proposed as a non-targeted one in which a fixed has tried to address the issues related to proper sum of cash is periodically transferred to all on identification of the beneficiaries and delivery also, individual basis. The idea is to ensure that every with the help of Aadhar, Jan-Dhan Yojana and person in society has the means to live with a direct benefit transfer. Government is already on certain freedom and dignity, independent of the path of reforming the tax regime. The recent capacity to earn or availability of employment. move of demonetisation of high value currency The idea really looks attractive as it has potential notes also falls in this category, while the proposal to reduce both poverty and inequality. of the universal basic income (UBI) coming from India already piloted such a scheme in the Economic Survey 2016-17 looks too innovative Madhya Pradesh by 2010. The Economic Survey (by early March 2017, the Government has shown 2016-17 proposed an amount of Rs 7,620 a year its willingness to go for it also). As ending extreme to be transferred into the bank accounts of the poverty is among the goals of the sustainable beneficiaries of the UBI. Though it is well short of development goals (SDGs) it looks quite timely what anyone might need to lead a life of leisure, to move in the direction of checking inequality it would cut absolute poverty from 22 per cent from rising first and reducing it afterwards. to less than 0.5 per cent. Theoretically, the UBI is proposed to be financed through recycling 7. UNiverSAl BASic iNcome funds from around 950 welfare schemes (costing around 5 per cent of the GDP) presently run by introDuction the GoI aimed at offering subsidised food, water, fertilisers and many other things. A big part of In the last few years we have seen several experts Government’s subsidies is enjoyed by the rich suggesting for a universal basic income (UBI) people in the country (as per the Economic Survey for India. The idea got strengthened when the 2015-17) which can also be rejigged for this Economic Survey 2016-17 proposed for the purpose. same—articulating very sound logic in its favour. By March 2017 the Government announced that Working out the scheme such a scheme may be piloted by late-2017 and There are several important issues to be settled implemented to a limited scale by the year 2018- before India launches such a scheme. A brief 19. Although, before going for such a scheme8 the survey of the major issues involved with it is given 8. The write-up is based on primary sources such as the below: Economic Survey 2016-17, releases of the Union Ministry of Finance, the NITI Aayog and few issues Financial model: The first and foremost issue is of the journal The Economist, mainly. mobilising adequate fund for it. If we go into the