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UBI scheme should have a cut off income, says Kaushik Basu

The Universal Basic Income (UBI) scheme should have a cut off income and people should be encouraged to give it up voluntarily, former World Bank Chief Economist Kaushik Basu has said.

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The Universal Basic Income (UBI) scheme should have a cut off income and people should be encouraged to give it up voluntarily, former World Bank Chief Economist 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 Universal Basic Income (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 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.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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