The International Monetary Fund held the current economic crisis could be the worst ever since the Great depression 1929. In order to deal with the Covid-19 pandemic, the governments across the world have imposed measures like lockdown and social distancing. However, these measures have caused collateral damage to almost every sector of the economy.
National Human Rights Commission (NHRC) has informed the United Nations Human Rights Council (UNHRC) that the recommended implementation of a universal basic income was “under examination and active consideration” of the Centre. With almost 90% of India’s workforce in the informal sector without minimum wages or social security, micro-level circumstances in India are worse than anywhere else. Therefore, regular payments through Universal Basic Income (UBI) can ensure the sustenance of the workers engaged in the informal sector, at least till the economy normalises.
Universal Basic Income is a programme for providing all citizens of a country with a given sum of money, regardless of their income, resources or employment status. The main idea behind UBI is to prevent or reduce poverty and increase equality among citizens. The essential principle behind Universal basic income is the idea that all citizens are entitled to a livable income, irrespective of the circumstances they’re born in.
Benefits of Universal Basic Income (UBI): 1) Provide secured income to individuals. 2) Reduce poverty and income inequality in society. 3) Increase the purchasing power of every poor which will further increase aggregate demand. 4) Easy to implement because no identification of the beneficiary is involved. 5) Reduce the wastage of government money because its implementation is very simple.
Economic Survey of India 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. Other Supporters of the UBI programme include Economics Nobel Laureates Peter Diamond and Christopher Pissarides, and tech leaders Mark Zuckerberg and Elon Musk.
Challenges in implementing Universal Basic Income in India are such that the high cost involved in implementing UBI is a major factor contributing towards lack of political will in working towards the universal basic income in India. It would reduce the motivation for work and might encourage people to live off assured cash transfers.
Aishwarya Says:
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
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