A Preliminary Survey of the Theoretical and Practical Aspects of UBI and Assessing its Feasibility in the Context of the Indian Economy

Abstract

We attempted a survey of UBI to understand the ideology and the theory underlying the UBI scheme and assessing the feasibility of implementing it in India. The paper started with a discussion of the origin of the concept and examined the background in which the UBI is being discussed in India today. The authors then highlighted various such UBI or quasi - UBI programs, which have already been implemented or are about to be implemented in different parts of the world. After discussing probable benefits of UBI, we raised several pertinent questions about its feasibility from multiple dimensions. The paper also delineated the results of UBI or quasi-UBI schemes wherever these have been implemented based on the conclusions of various researchers. In the absence of any concrete conclusions derived about the feasibility of such schemes, we forwarded our suggestions regarding UBI and various aspects related to it based on our understanding and deduction. We right away opposed the implementation of the UBI scheme merely as a political gimmick. Even if there is an imperative to implement such a scheme, it should have conditional implementation. We firmly believe that high growth and employment generation cannot be substituted on a permanent basis by UBI type programs in addressing pertinent economic problems.