UBI scheme should have cut-off income limit: Kaushik Basu
Friday - February 10, 2017 7:29 pm ,
Category : INDIA
New Delhi: The Universal Basic Income (UBI) scheme, mooted in the government's Economic Survey this year, should have a cut off income limit and those above it should be encouraged to give up the scheme up voluntarily, former Chief Economic Advisor Kaushik Basu has said.
"The Universal Basic Income scheme should give a cut off income & ask ones above it to voluntarily forego it. That'll also be a civics lesson," Basu, who is currently Professor of Economics at Cornell University, said in a tweet.
The Economic Survey for 2016-17 made a strong pitch for implementing UBI, that stipulates a certain income for the poor, as an alternative to various social welfare schemes in a bid to reduce poverty.
"UBI is a powerful idea whose time, even if not ripe for implementation, is ripe for serious discussion," the Economic Survey had said.
The Survey had estimated that a UBI that reduces poverty to 0.5% would cost 4-5% of GDP, assuming that those in the top 25% income bracket are not part of the loop.-IANS
"The Universal Basic Income scheme should give a cut off income & ask ones above it to voluntarily forego it. That'll also be a civics lesson," Basu, who is currently Professor of Economics at Cornell University, said in a tweet.
The Economic Survey for 2016-17 made a strong pitch for implementing UBI, that stipulates a certain income for the poor, as an alternative to various social welfare schemes in a bid to reduce poverty.
"UBI is a powerful idea whose time, even if not ripe for implementation, is ripe for serious discussion," the Economic Survey had said.
The Survey had estimated that a UBI that reduces poverty to 0.5% would cost 4-5% of GDP, assuming that those in the top 25% income bracket are not part of the loop.-IANS
