Finance Minister Arun Jaitley has expressed hope that the Universal Basic Income (UBI) scheme, which got a mention in government's economic survey will be implemented over the next one year in some parts of the country at least on experimental basis. UBI will aim to provide a minimum amount of cash to poor people to meet their basic needs.
The Economic Survey, authored by Chief Economic Advisor Arvind Subramanian, had suggested that the Centre may come out with UBI scheme under which the government should provide minimum cash to poor people to meet their basic needs. Finance Minister stated that under the proposed system UBI could be given to people and subsidies can be done away with.
He added that the economic surveys prepared by Arvind Subramanian has been unconventional, very different from the past and float ideas for the future, universal basic income being one of them and government has also started thinking on it to experiment in some part of the country which can help to bring poverty rates down. Jaitley further said that with the current pace of reforms it would be possible to significantly reduce poverty, create world class infrastructure and achieve high level of global competitiveness.