This is an automatic summary, original reduced by 75%.
The Ministry of Finance's annual survey of the economy, released Tuesday, explores how the country might replace its various welfare programs with a universal basic income, or a uniform stipend paid to every adult and child, poor or rich.
The ministry's chief economic adviser and lead author of the economic survey, took pains to emphasize that concerns about how a universal income would be enacted-and how the government would pay-mean India is still quite far from putting the concept into practice.
Universal basic income is an old idea that is enjoying a revival as governments look to revamp their safety nets.
Universal basic income would be a natural extension of that approach, and could hence resonate with Mr. Modi's administration.
Ending the major subsidies for the poor-on food, fertilizer and fuel-would save 2.07% of GDP. Eliminating additional subsidies that accrue to the middle class-on things like electricity, train and air travel, cooking gas, gasoline and loans-would provide an additional 1.05% of GDP. That's why the survey considers a few ways a basic income in India could be made universal on paper but not in practice.
A basic income, the survey says, is no mere antipoverty measure, but rather "Gives concrete expression to the idea that we have a right to a minimum income, merely by virtue of being citizens. It is the acknowledgement of the economy as a common project."
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Submitted January 31, 2017 at 01:25PM by autotldr http://ift.tt/2kdmpcY
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