Universal Basic Income (UBI): Concept, Experiments, Features, Benefits, Challenges, and Scope in India
UBI is a socio-economic policy under which all citizens receive a regular, unconditional sum of money from the government to meet their basic needs.
Universal Basic Income (UBI): Concept, Experiments, Features, Benefits, Challenges, and Scope in India Introduction
Universal Basic Income (UBI) is a socio-economic policy under which all citizens receive a regular, unconditional sum of money from the government to meet their basic needs. It seeks to provide financial security and reduce poverty, irrespective of employment status or income level. Global and Indian Experiments Similar to UBI Global Examples : Finland (2017-18) : Conducted a UBI pilot, providing €560 per month to unemployed citizens. It aimed to test its impact on well-being and employment. Alaska Permanent Fund : Provides annual dividends to all residents from oil revenues, ensuring a minimum income for all. Indian Examples : Madhya Pradesh SEWA Experiment (2011-12) : A pilot program in eight villages offered cash transfers to households, leading to improved nutrition, health, and education outcomes. PM-Kisan Scheme : Provides direct income support of ₹6,000 annually to small and ma…