News Brief
Universal Basic Income Not Needed Yet For India — Chief Economic Advisor Dr V Anantha Nageswaran
CEA Dr V Anantha Nageswaran
Chief Economic Advisor V. Anantha Nageswaran stated that Universal Basic Income (UBI) is not essential for India, as the country's natural economic growth will suffice to meet its numerous aspirations.
During a conference by the Confederation of Indian Industry, he rejected a UBI proposal and cited potential negative effects, such as discouraging people from pursuing jobs.
The Chief Economic Advisor (CEA) stated that a universal basic income may not be necessary for the country as it could create incentives for individuals to not seek out opportunities for economic growth. Instead, natural economic growth should be allowed to take its course to fulfill aspirations. The CEA added that universal social security for India should not be prioritized in the near future.
Nageswaran believes that support should only be given to individuals unable to participate in the economy and help them reach a level of engagement where they can actively contribute.
According to him, India does not need universal social security as a moral or economic necessity yet. In the case of a developed country with limited income and employment opportunities, the state may need to provide universal basic income.
Arvind Subramanian, a former Chief Economic Advisor, had proposed universal basic income during the first term of the NDA government. In the Economic Survey 2016-17. He suggested it as a way to cover every citizen's basic needs, making it simpler to administer than multiple anti-poverty schemes.
In preparation for the 2019 Lok Sabha elections, the Congress party, under the leadership of Rahul Gandhi, pledged to implement a minimum income support program called Nyuntam Aay Yojana (NYAY). This program would transfer Rs 72,000 to 5 crore families - the poorest 20% of the country.
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