If Universal Basic Income ever had a time it is now.

Universal Basic IncomeYes, there is a great need for help and support to the people to overcome the harsh conditions set up for the last three months of the lockdown. Many people are left with no job, income as well as food insecurity at mid of Coronavirus pandemic.  Hence, The Universal Basic income can be used in the situation to normalize their life which was early the pandemic occur around the world and until the lockdown opens fully and there is a vaccine in the world.

Universal basic income is a powerful idea for various welfare schemes in an effort to reduce poverty.

Universal basic income is a program for providing all the citizens of the country with a given sum of money regardless of their income, resource, or employment status, etc.

Basic income is a regular, periodic cash payment delivered unconditionally to all citizens on an individual basis without the requirement of work.

 

The main ideas behind Universal basic income

  • To prevent or reduce poverty.
  • Increase equality among Citizens.
  • To fight Vulnerability.
  • Can Prevent job losses caused due to technology,
  • The intention is to provide enough to the basic cost of living.
  • Minimum income support from the government.

 

Why It is the best time for Universal basic income

  • Due to pandemic, around 122-million people face the problem of locking money. therefore, Universal basic income the best solution for this problem and make financial stability.
  • Universal basic income can help to sustain the life of those hunger people facing pandemic and loss of their life due to lake of food.
  • Universal basic income increases the purchasing power of people and there will increase in the economy by demand.
  • Help in women empowerment in India.
  • According to the National crime record bureau report, every year more than 10,000 farmer commits suicide due to lack of money. Universal basic income will tackle this problem.
  • It can ensure job security and income security.
  • Enabling a fixed minimum account for every citizen can reduce dependency on society.
  • 90% of the Indian workforce in the informal sector will be highly grateful.

 

How to Fund a Universal Basic Income

  • The government can impose higher income tax or cess on the ultra-rich people of the country.
  • The funds for the purchase of automatic products, robots can be utilized for implementing the Universal basic income.
  • Required a great political will to implement.
  • The funds of corporate social responsibility can be effectively used.
  • Stopping various schemes under the government.

 

Way Forward:-

  • India needs to focus on the poor, migrants, laborers of the country as they are the backbone of the economy.
  • The migration of laborers with the hope of jobs will be needed.
  • The Universal Basic income can serve as an effective poverty-eradication tool.
  • Replacement of Artificial intelligence with human capital.
  • India must seek measures from Finland and Switzerland who have bought this concept many years back.
  • Until the economy normalizes, unconditional regular paychecks should be provided, to life the poor above the line of poverty.

Conclusion:-

The Frequent sight of Several thousands of migrant workers are taking journeys on feet, being avoided or no help from the administration was very inhuman and disgraceful form the government side.

Hence, the introduction of unconditional regular paychecks can at least survive their livelihood till the economy normalizes or when the pandemic is over.

 Is the need of the hour!!!