Congress has announced NYAY (Nyuntam Aay Yojana) Scheme that aims to provide Minimum Income Guarantee to the 25 cr poorest families of India.
Overview:
This scheme aims to provide Rs.72,000 p.a (upto Rs.6000 pm.) to 25 cr families whose total monthly income is below Rs.12,000.
Congress President has claimed that they have analyzed this scheme carefully for 4 months and they have also taken the views of top economists from the world before announcing it on public domain.
I personally feel that this would really be helpful to the poor people and ultimately leads to minimizing the poverty level in the country. Though people may give the example of a failed economy in Venezuela due to the minimum income guarantee scheme, I think the reason behind failure in that country was due to too much freebies given by govt to their citizens.
While Nyay is limited to people with less income and the money will be directly deposited into the bank accounts of WOMEN of the families, for the obvious reasons. And as usual, the ruling govt has criticized the scheme.
A question that arises on how Congress plans to raise the funds for such schemes - Congress answers, when the BJP govt can waive off the corporate loans of 15 rich businessmen of county amounting upto 2.5+ lakh crores then the Congress govt can implement this scheme that is very beneficial for poor people. It is estimated that this schemes needs upto 3.06 lakh crores off total budget.
Raghuram Rajan who is one of the key economists of India and who has also been the governor of RBI has been consulted by Congress regarding this scheme and he says that it is Workable but conditions apply.
@The Martian. @zwarrior your views?
Overview:
This scheme aims to provide Rs.72,000 p.a (upto Rs.6000 pm.) to 25 cr families whose total monthly income is below Rs.12,000.
Congress President has claimed that they have analyzed this scheme carefully for 4 months and they have also taken the views of top economists from the world before announcing it on public domain.
I personally feel that this would really be helpful to the poor people and ultimately leads to minimizing the poverty level in the country. Though people may give the example of a failed economy in Venezuela due to the minimum income guarantee scheme, I think the reason behind failure in that country was due to too much freebies given by govt to their citizens.
While Nyay is limited to people with less income and the money will be directly deposited into the bank accounts of WOMEN of the families, for the obvious reasons. And as usual, the ruling govt has criticized the scheme.
A question that arises on how Congress plans to raise the funds for such schemes - Congress answers, when the BJP govt can waive off the corporate loans of 15 rich businessmen of county amounting upto 2.5+ lakh crores then the Congress govt can implement this scheme that is very beneficial for poor people. It is estimated that this schemes needs upto 3.06 lakh crores off total budget.
Raghuram Rajan who is one of the key economists of India and who has also been the governor of RBI has been consulted by Congress regarding this scheme and he says that it is Workable but conditions apply.
@The Martian. @zwarrior your views?