For the past few days, National Media is abuzz with the news that the Union Budget may have Universal Basic Income (UBI) which should be the biggest reform since Independence. It is basically a fixed sum given to every citizen regardless of their financial status, employment status etc.
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To be more clear, the government will stop all the welfare schemes given to the people but will transfer a fixed amount monthly or yearly. This is to avoid the rampant leakage, diversion, and corruption. But then, Niti Aayog Vice Chairman Arvind Panagariya rubbished those rumours.
He clarified that the country simply does not have the necessary fiscal resources for a Universal Basic Income scheme. transferring even Rs 1,000 per month to all Indians would cost Rs 15.6 lakh crore (Rs 1,000 x 12 months x 130 crore people) a year which is not at all possible, Panagariya opines.
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