Former Chief Economic Advisor (CEA) Arvind Subramanian said a political opportunity for a quasi-universal basic income (UBI) has been created by the agrarian distress in India.
In an interview with CNBC-TV 18, Subramanian also said the UBI scheme could improve the rural economy broadly. He said the scheme need not be rolled out as a separate programme altogether, and that it could function alongside the existing schemes.
He also said the scheme could be funded partly by both the Centre and states without the need for the government to dip into the RBI's reserves to fund it.
Subramanian first proposed a UBI scheme in the annual Economic Survey in 2017, which has sparked several debates on its effectiveness and its viability towards implementation.
Congress President Rahul Gandhi had also announced on January 28 that his party would ensure minimum income guarantee for the poor in the country if it returns to power after the Lok Sabha polls due in April-May.
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