Keynesian Economics - Basic Income Guarantee. #AbHogaNyay
If 100 families in a town who were used to having one meal a day, gets to eat three meals a day because of minimum income guarantee; the town will get additional white money, and the local economic income will increase multiple times.
It will stimulate the grocery shop, and all the primary businesses in the town; thereby having a direct impact on the GDP positively.
Secondly, India ranks very low in terms of social security Govt spending. India primarily spends for the rich. We have very poor primary education infra, when our higher education is quite capable. The reason is simply the target segment for higher education - the rich. It was high time for India to have a policy level shift towards spending for the poor. To my mind, basic income guarantee like MGNREGA will be revolutionary for the bottom 20%.
The arguments against it will primarily be the same points that were there for MGNREGA in 2005. 1) Free money will make people lazy. 2) Where will the money come from? These questions are as old as arguments made against making our country a socialist democracy. Today, we are a socialist democracy as per our preamble.
Lastly, nobody wants to be poor. If given an opportunity, every human being will try to become rich. Basic minimum income is the least level of opportunity that any socialist Govt must provide to its poorest of the poor. It will ensure food, clothing and shelter.
Implementation will be tough. Rahul and the Congress must get the best minds across party, and domains to think through its stepwise implementation.
If 100 families in a town who were used to having one meal a day, gets to eat three meals a day because of minimum income guarantee; the town will get additional white money, and the local economic income will increase multiple times.
It will stimulate the grocery shop, and all the primary businesses in the town; thereby having a direct impact on the GDP positively.
Secondly, India ranks very low in terms of social security Govt spending. India primarily spends for the rich. We have very poor primary education infra, when our higher education is quite capable. The reason is simply the target segment for higher education - the rich. It was high time for India to have a policy level shift towards spending for the poor. To my mind, basic income guarantee like MGNREGA will be revolutionary for the bottom 20%.
The arguments against it will primarily be the same points that were there for MGNREGA in 2005. 1) Free money will make people lazy. 2) Where will the money come from? These questions are as old as arguments made against making our country a socialist democracy. Today, we are a socialist democracy as per our preamble.
Lastly, nobody wants to be poor. If given an opportunity, every human being will try to become rich. Basic minimum income is the least level of opportunity that any socialist Govt must provide to its poorest of the poor. It will ensure food, clothing and shelter.
Implementation will be tough. Rahul and the Congress must get the best minds across party, and domains to think through its stepwise implementation.
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