Universal Basic Income

In this article we will discuss Universal Basic Income

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

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