UNIVERSAL BASIC INCOME
Every inhabitant of the country will receive a monthly, unconditional cash
transfer known as Universal Basic Income, which will ensure that they have a
minimal standard of living. Although it may seem unrealistic, the concept of a
universal basic income is currently one of the most contentious political
concerns in the world. It aims to address the problems of poverty and inequality
as well as a number of other issues, such as the disruptions caused by droughts,
layoffs, and other life-altering events. For the past 35 years, ubi has already
been used in Alaska in a primitive version. Similar experiences are being had in
Brazil, Finland, the Netherlands, and other nations. Is the ubi the magic bullet?
why have we been running away from the universal basic income concept. how
can it be implemented? And why should it be implemented? can we really
afford this or is the question is can we afford not to?
There are numerous cheerleaders for ubi, and their ideologies vary. Certain
individuals discuss the difficulties involved in implementing UBI, while others
focus on its advantages and features. Many people continue to have doubts
about the philosophy itself. People discuss the community, the society, and
what they personally can do to help those who are truly in need. The
Communists see the whole affair as the demise of the welfare state, while the
capitalists see ubi as a path towards communism.
The fact that UBI is not a universal mandate must be acknowledged,
comprehended, and accepted by those who criticise it. Giving money away for
free doesn't sound like a way to quell the uprising of the masses; on the
contrary, it sounds immoral and incredibly expensive. Since the majority of
people are becoming poorer while some individuals become richer, poverty
itself is becoming increasingly costly. Poverty is detrimental to the economy
and both a cause and an effect of inequality. It's the end of equity and
inclusivity. Poverty comes at an even more startling political cost. The public's
faith in democracy and its many institutions is threatened by inequality.
Those who are less fortunate and experience multifaceted poverty, they are
numerous, undernourished, ignorant, unemployed, and have led miserable lives.
The impoverished have neither contributed to the success of India nor had any
possibility of doing anything more than to wait beyond the bounds of
inclusivity. Distress possesses no dignity. Ten percent of Indians presently hold
more money than seventy percent of the global population. The richest 1% of
people in India possessed about half of the country's total wealth. By creating an
ecology, the universal income will enable the impoverished to escape the cycle
of poverty. There are numerous other wonderful advantages, such as giving
everyone a life of dignity.
A guaranteed basic income increases people's access to chances for both career
and personal growth. They can spend money on training, education, and skill
development, all of which can contribute to ending the poverty cycle. Stress
levels and a host of other health problems are associated with poverty. By
lowering the health inequalities brought on by poverty and easing financial
strain, universal basic income (UBI) can enhance general well-being. Universal
Basic Income (UBI) is a safety net that eases financial strain and fosters
economic stability for individuals and families that are impacted by job loss or
economic downturns. By giving people the financial stability to take chances
and invest in their ideas. UBI promotes entrepreneurship. This can stimulate
economic vitality, innovation, and job creation.
Is ubi affordable? A rough calculation shows that eliminating the thousands of
welfare programmes we currently have, doing away with a non-merit subsidy to
which some of us are entitled, adjusting defence budgets, and cutting back on
corporate sector spending should all be doable. This threshold will only rise in
the absence of corruption and an effective system. Higher tax revenues may
result from UBI's economic growth, which could somewhat cover the costs of
putting it into place.
UBI can be introduced gradually to allay worries about inflation, and its funding
sources can be carefully controlled to prevent a price explosion. UBI can be
created to complement earned income rather than to completely replace it,
assuaging worries about diminished work incentives and guaranteeing that
people will still be motivated to work. The level of UBI must be carefully
considered to make sure it meets basic necessities, and changes may be required
to take into account regional variations in cost.
Let's rethink India where the farmers are not malnourished where the housewife
is not distressed about the next meal for the family where entrepreneurship is
not the last recourse but the first choice of every young person. UBI
implementation is not economic but political. A more equitable and just society
can be achieved by addressing income disparity, fostering economic growth,
streamlining social systems, and implementing the appealing idea of universal
basic income. Although there are legitimate worries to be addressed, universal
basic income (UBI) offers a viable answer to many of the urgent social and
economic issues of our day. Enacting Universal Basic Income (UBI) in a
planned, cost-effective manner can result in a wealthier, more inclusive
community where everyone can prosper and follow their aspirations.
REFERENCE
Universal Basic Income: Debate and Impact Assessment by Maura
Francese, Delphine Prady
https://www.imf.org/en/Publications/fandd/issues/2018/12/what-is-
universal-basic-income-basics
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universal-basic-income-basics
