In this article, we will discuss Universal Basic Income. So, let’s get started.
Universal Basic Income
- Universal basic income (UBI) is a socio-political financial transfer policy proposal in which all citizens of a given country receive a legally stipulated and equally set financial grant paid by the government.
- A basic income can be implemented nationally, regionally, or locally.
- A Universal Basic Income is unconditional. It requires that every person should have a right to a basic income to cover their needs, just by virtue of being citizens.
- In 2016, the idea of a Universal Basic Income in India made huge news by taking up over 40 pages in the 2016-2017 Economic Survey of India as a serious and feasible solution to India’s poverty and a hope for the healthy economy as a whole.
- Economic Survey of India 2016-17 highlighted that “UBI liberates citizens from paternalistic and clientelist relationships with the state”
- UBI has mainly 4 components:
- Universality: It is universal in nature.
- Periodic: Payments at regular intervals (not one-off grants)
- Individuality: Payments to individuals
- Unconditionality: No preconditions attached with the cash transfer
