Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

UBI Will be Set in Motion Over Next 1 Year, Hopes Arun Jaitley

Finance Minister Arun Jaitley on Saturday hoped that the Universal Basic Income (UBI) scheme mooted by the Economic Survey will be implemented over the next one year in some parts of the country at least on experimental basis.

Press Trust Of India

Updated:February 11, 2017, 9:00 PM IST
facebookTwitterskypewhatsapp
Arun Jaitley
File photo of Finance Ministry Arun Jaitley.(Image: PTI)

New Delhi: Finance Minister Arun Jaitley on Saturday hoped that the Universal Basic Income (UBI) scheme mooted by the Economic Survey will be implemented over the next one year in some parts of the country at least on experimental basis.

The Economic Survey, authored by Chief Economic Advisor Arvind Subramanian, had suggested that the Centre may come out with UBI scheme under which the government should provide a minimum cash to poor people to meet their basic needs.

Speaking at a function to release the book ‘India 2047 Voices of the Young’, Jaitley said under the proposed system UBI could be given to people and subsidies can be done away with.

“His (Subramanian) Economic Survey has been unconventional, very different from the past. This year, he wants to do away with the current system of subsidies altogether and substitute it with the UBI.

Let’s hope, by the time he publishes his next Survey, at least in some part of the country, his idea of the UBI gets experimented and therefore we start thinking on steps which overnight, at least where it is experimented, can bring poverty rates down. I think that will help us in reaching the destination 30 years from now,” Jaitley said.

In his first Economic Survey last year, Subramanian had flagged the issue of subsidies meant for poor benefiting the rich, an idea which Jaitley said had generated a “good debate”.

The Minister further said that with the current pace of reforms it would be possible to significantly reduce poverty, create world class infrastructure and achieve high level of global competitiveness.

He, however, expressed concerns over issues like rising insurgency and social and caste divide which has increased since 1970s.

“In terms of growth, economic development, our place in the world — we can look at far more positive 30 years down. But the jury would still be out whether we would be able to get rid of these baggage (insurgency, social, caste divide). Because in last 30 years this is one area in which we have actually slided down on the index,” Jaitley added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ananya Chakraborty
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results