While presenting the Economic Survey for Financial year 2016-2017, chief economic adviser to the Finance Ministry, Arvind Subramanian, advocated Universal basic Income Scheme, as an alternative to various Social Welfare scheme in an effort to eradicate poverty.
What is a Universal Basic Income Scheme:
In Such a scheme the poor directly gets money enough to sustain their livelyhood in their Bank Accounts. As in India, Direct benefit transfer is now fully functional, Such a scheme could change lives of millions of Indians. At the same time it can decrease the burden of Many social welfare schemes which have been continuing in India since independence. In India any person earning Below Rs.893/- per month is considered to be below poverty line.
When this Scheme Can be Implemented:
The scheme is just in a planning stage. implementation of the scheme is not easy. It will require a political will and a proper roadmap so that the aim and principles of the scheme can be maintained and benefits can be delivered to the needy.
As on date no country in the world has implemented the scheme universally.
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