The Survey estimated that a UBI that reduces poverty to 0.5 per cent would cost 4-5 per cent of GDP, assuming that those in the top 25 per cent income bracket are not part of the loop.
Telangana's Rythu Bandhu policy is an embryonic UBI, or rather embryonic QUBI (a quasi-universal basic income, pronounced Kyoo-Bee). And it could potentially also be the future of agricultural policy in India, says Arvind Subramanian.
'If people want to work 90 hours, we should let them work.' 'If people want to work 30 hours, you should let them work 30 hours.' 'But they should not expect the same level of success and attention.'
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
'Gruha Lakshmi Yojana' is an attempt of the Congress party to share the 'burden of the exorbitant' LPG prices and the 'costly daily expenses' that a woman has to bear, the party said.
I suggest we build a Vigyan Mandir (Temple of Science) with the ambience of a place of worship, so that it becomes a destination for pilgrims. We should embed on its walls bronze plaques describing each scientist mentioned here along with about a dozen of our ancient mathematicians, recommends Professor Kalyan Singhal, historian of science and technology.
"There have been discussions on implementing UBI in J&K -- not just as a pilot in some districts, but in the entire state, according to Drabu's proposal in the state's Budget," said an official. "Finance Minister Arun Jaitley is also supportive of the idea. A presentation will now be made at the PMO."
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
In the short run, the government should loosen the purse strings but trying to invent new instruments is a bad idea, Banerjee said. Trust, he said, in the system is important at this point and keeping that in mind.
'For the first time one single party is getting 49% which is a record of its own.'
'In India, we are very far away from the per capita incomes of the West. And so the need to support many more people with much more money will come sooner in India than in other nations,' says Aakar Patel.
It raises three major questions - the incentive compatibility issue, the fairness issue and fiscal challenge, said Panagariya.
'The cost of the lockdown so far is the loss of about 11 million jobs.' 'It is important that a fresh lockdown does not make this worse,' asserts Mahesh Vyas.
Universal basic income or social security? Economist Nitin Desai feels we need a blueprint for universal health care and pensions to help the vulnerable section.
The outgoing Chief Economic Advisor will always be remembered for his remarkable passion, his large imprint on policymaking and the high level of public debate he fostered
'The Indian economy has been subsidised by the poor.'
Tax administration could be improved to reduce discretion and improve accountability
Rajan said that while there were talks about Jan Dhan, it was difficult to target transfers to people through this tool. Jan Dhan, he said, does not really work as advertised.
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution, Subramanian said.
'The stimulus message was tagged on to what was meant to be an exhortation to self-reliance, glossing over the near impossibility of merging the immediate requirement of relief for a huge population and a questionable strategy for the future trajectory of a large economy aspiring to superstardom,' points out Shreekant Sambrani.
India could gain four times over by winding up dysfunctional subsidies.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
Rumours in the bureaucracy on his successor include the names of Sajjid Chinoy of JP Morgan, Rathin Roy of the National Institute of Public Finance and Policy, Neelkanth Mishra of Credit Suisse and the principal economic advisor, Sanjeev Sanyal.
Subramanian was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Senior Fellow at the Centre for Global Development in the US before joining the ministry.
'UBI is a tricky subject.' 'Our worry is the government could get rid of UPA's social welfare schemes targeted at the poor.'
Governments make budgets to retain and consolidate their hold on power, not to please opponents or economists. They do so by trying to gratify as many as possible without causing harm to the others, says Shreekant Sambrani.
BJP is hiding behind a GDP number which is being challenged. People are not dazzled by it, but are asking 'where are the jobs?'
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
'The probability of another negative year in 2019 is low.'
While accounts/pages linked to the Congress party appeared to be large in number, the following or reach of pro-BJP accounts was several times more.
The centre pays only an insulting Rs 200 per pensioner each month at a tight-fisted 0.04 per cent of GDP, among the lowest in the world. Instead, as illustrated by Jean Drze, one option is for NYAY to provide individual rather than household entitlements to all pensioners of at least Rs 1200 per month.
The new Chief Economic Advisor Krishnamurthy Subramanian believes that more than unemployment, it is the quality of employment which needs to be focused on. In an interview with Arup Roychoudhury and Indivjal Dhasmana, Subramanian said that controlling inflation was the Modi government's biggest achievement.
'What will this supposedly more business-friendly government do if it gets a second term?' 'Important labour law and land reforms remain off the table.' 'Witness the arm-twisting of foreign players in e-commerce and all but one player in telecom -- and it is very hard to justify this perception that the BJP is business friendly.' 'There will also remain the real risk of ideas seemingly gleaned from the pages of Amar Chitra Katha, overlaid with PowerPoint presentations,' predicts Rahul Jacob.
Alas, the 'basic income' schemes that have hit the headlines in the recent past are a far cry from the genuine article in terms of coverage and fiscal implications, says Vijay Joshi.
'Healthcare workers treating coronavirus have been among the hardest hit.' 'It is scary, but this is what we signed up for and became doctors.'
The negative aspect about the Budget is that the capital expenditure has been marginally cut to achieve the fiscal deficit target assumptions, and the onus of sustaining investment demand till private capex revives continues to vest with the public sector enterprises, notes Jyotivardhan Jaipuria.
Gandhi added the minimum income guarantee would be implemented across the country.
This finance minister has come of age. That's not condescension. It is a praise, says Omkar Goswami.
Does Abhijit Banerjee's Nobel Prize help India reduce extreme poverty, asks Rajeev Srinivasan.
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