Relevance : GS Paper III (Indian Economy)
[ 1000 words reduced to 100 ]
- Experiments have been launched in different countries on basic income.
- India has the capacity and the need for a basic income scheme.
Basic income vs loan waivers
- Loan waiver will not alter structures.
- It would be unjust that only one type of debt need not be repaid.
- A basic income would be a more rational way to address rural tragedy.
- All groups would gain from a modest basic income.
- Obtain local cooperation and backing of key local institutions.
- Rolling out the scheme gradually from low to higher-income communities.
- The basic income should not be given only to particular types of individuals.
Basic income would be an anchor of a 21st century income distribution system.