In-depth: Why Rahul Gandhi's minimum income promise can be a reality
NPAs being written off and revenue being foregone every year for India's rich can easily fund Minimum Income Guarantee scheme
- Jan 29, 2019,
- Updated Jan 30, 2019 4:33 PM IST
Congress President Rahul Gandhi's unexpected announcement promising a "minimum income guarantee to every poor" may have stumped many, but this is probably the idea whose time has come - to borrow Victor Hugo's words famously quoted by former Prime Minister Manmohan Singh while unleashing the liberalisation process in his 1991 budget.
That is because the world is experimenting with the idea of income redistribution in a big way for the past few years to overcome two major concerns of our time: vast and growing inequality and the threat of automation creating joblessness. India's concerns are no different. In fact, growing income inequality and unemployment are the two major concerns that the Indian policymakers need to confront but go abegging.
The basic idea of minimum income guarantee (MIG) is to provide income support to vulnerable people and families to ensure a life with dignity. In Rahul Gandhi's scheme of things, this is clearly meant for all poor - presumably, all those who fall below the poverty line. A clear picture would emerge once the details are unveiled.
Congress President Rahul Gandhi's unexpected announcement promising a "minimum income guarantee to every poor" may have stumped many, but this is probably the idea whose time has come - to borrow Victor Hugo's words famously quoted by former Prime Minister Manmohan Singh while unleashing the liberalisation process in his 1991 budget.
That is because the world is experimenting with the idea of income redistribution in a big way for the past few years to overcome two major concerns of our time: vast and growing inequality and the threat of automation creating joblessness. India's concerns are no different. In fact, growing income inequality and unemployment are the two major concerns that the Indian policymakers need to confront but go abegging.
The basic idea of minimum income guarantee (MIG) is to provide income support to vulnerable people and families to ensure a life with dignity. In Rahul Gandhi's scheme of things, this is clearly meant for all poor - presumably, all those who fall below the poverty line. A clear picture would emerge once the details are unveiled.