Central Govt. may Implement ‘Universal Basic Income Scheme’ for People
The Central Government might take the decision of providing relief to the people of the nation. The Government might implement the ‘Universal Basic Income Scheme‘. Under this scheme, every citizen will be provided a fixed amount on the basis of his salary every month. This scheme may be announced in Economic Survey and the Budget.
According to sources, the scheme has been agreed yet but it is yet to take a final decision on whether the money will be given to all the people or only to unemployed. Government sources informed that the amount might be given to those people who do not have means of earning. The scheme can be started by crediting Rs.500 into every account. This could benefit around 20 crore needy. It is informed that this proposal was prepared by the Professor of the University of London Professor Guy Standing. He said to Geneva by claiming that a responsible person from the Modi Government has confirmed the scheme.
Experiment Succeed In Indore
This scheme has been used in 6000 population of 8 villages of Indore between 2010 to 2016. Rs.500 were given to the men and women and Rs.150 were given to the children. Many of these have increased their income after taking the benefit of the scheme in the 5 years. Besides this, this experiment has been succeeded in between 200 people in Delhi. Professor Guy Standing said that the government has decided to move on after understanding the case study of this experiment.
Economic Survey Included In Report
Economic expert Professor Guy Standing said that the research introduced in the Universal Basic Income Scheme has been included in the Economic Survey report.
If the scheme is implemented across the country then 3 to 4 percent of GDP would cost. The government is spending 4 to 5 percent of GDP in subsidy. The government would have to move on in a phased manner to end these subsidies after implementing the scheme. Universal Basic Income Scheme and subsidies can not go together.
News Source: http://www.patrika.com/news/miscellenous-india/modi-govt-to-launch-universal-basic-income-in-budget-1480566/