"QUESTION OF THE DAY FOR CRACKING IAS 2018" ( G.S PAPER 3)
"ECONOMIC SURVEY 2016 -17 EXPLORES THE IDEA OF UNIVERSAL BASIC INCOME AS AN ALTERNATIVE TO PRESENT FRAME WORK OF SECTORAL WELFARE SCHEMES" CRITICALLY ANALYSE.
* Universal basic income refers to a form of social security in which all citizens or residents of a country regularly receive an unconditional sum of money.
Pros:
1) It will reduce the inequality through redistribution of income and promote social justice.
2) It will plug leakages and avoid inclusion or exclusion error for beneficiaries.
3) More people will use the banking facilities to access the UBI deposits.
4) Increase in administrative efficiency as UBI will reduce the multiple levels of bureaucracy.
Hence, there is a reduction in red tapisam and corruption.
5) people will choose their spending according to their taste.
6) It will act as an attachment insurance for contingency expenditures like health.
Pros:
1) It will reduce the inequality through redistribution of income and promote social justice.
2) It will plug leakages and avoid inclusion or exclusion error for beneficiaries.
3) More people will use the banking facilities to access the UBI deposits.
4) Increase in administrative efficiency as UBI will reduce the multiple levels of bureaucracy.
Hence, there is a reduction in red tapisam and corruption.
5) people will choose their spending according to their taste.
6) It will act as an attachment insurance for contingency expenditures like health.
Cons:
1) It is a fiscal burden on Government limited resources.
2) It may create artificial inflation and also demand shortages.
3) Politicians may choose UBI as an opportunity for getting votes to their party.
4) UBI will give the assurance of income. It may leads to give laziness to labour force.
5) People may incur wasteful expenditures on abuses. ex: men will spend on alcohol.
6) Implementation of UBI for a larger country like India is not economically viable. The Same expenditure can be used for health, education and strengthen the infrastructure.
1) It is a fiscal burden on Government limited resources.
2) It may create artificial inflation and also demand shortages.
3) Politicians may choose UBI as an opportunity for getting votes to their party.
4) UBI will give the assurance of income. It may leads to give laziness to labour force.
5) People may incur wasteful expenditures on abuses. ex: men will spend on alcohol.
6) Implementation of UBI for a larger country like India is not economically viable. The Same expenditure can be used for health, education and strengthen the infrastructure.
* Hence, instead of opting UBI as an alternative to social welfare, Government should rationalize the subsidies, plug the leakages etc.
* I'll continue tomorrow...All the best. Thank you.....
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