What is Universal basic Income and why it is in news?
Narendra Modi
In UBI a basic sum of money is provided to individuals regardless of their income, resources or employment status with a purpose to reduce poverty and increase equality among citizens.
The Universal Basic Income is simply a basic income. It is a program in which country's citizens or permanent residents receive a regular sum of money from a government source. UBI can be implemented nationally, regionally or locally.
In UBI a basic sum of money is provided to individuals regardless of their income, resources or employment status with a purpose to reduce poverty and increase equality among citizens.
The essential principle behind basic income is the idea that all citizens of the country are entitled to a livable income, whether or not they contribute to production and despite the particular circumstances into which they are born.
After the surprising defeat in the recent five state assembly elections, there are speculations that the Narendra Modi led government may hold a discussion on the implementation of UBI scheme, something which may turn out to be a game changer for the prime minister in upcoming general elections.
Meanwhile, experts are also seeing UBI as a more efficient medium of help to a large number of people, especially farmers than one-time universal loan waiver.