“The concept of Universal Basic Income (UBI) has gained renewed interest globally in light of rising unemployment and inequality”. Discuss its potential advantages and challenges in the context of financial constraints and existing welfare schemes.
Kartavya Desk Staff
Topic: Inclusive Growth and issues arising of it
Topic: Inclusive Growth and issues arising of it
Q5. “The concept of Universal Basic Income (UBI) has gained renewed interest globally in light of rising unemployment and inequality”. Discuss its potential advantages and challenges in the context of financial constraints and existing welfare schemes. (15 M)
Difficulty Level: Medium
Reference: TH
Why the Question: The phenomenon of jobless growth, where productivity rises but job creation lags and contributes to the alarming trend in inequality, has rekindled interest in a UBI as a component of a social safety net across the world. Key Demand of the Question: Discuss the potential advantages of UBI, such as poverty alleviation and social security. Analyze the challenges of implementing UBI Structure of the Answer: Introduction: Define UBI and briefly mention its growing global relevance due to rising unemployment and inequality. Body: Advantages of UBI: Suggest how UBI can provide financial security, reduce poverty, and streamline welfare schemes by cutting administrative costs. Point towards its potential to address joblessness and offer a cushion against automation-driven unemployment. Challenges of UBI: Indicate concerns over financial feasibility, considering India’s fiscal constraints. Briefly mention the overlap with existing targeted welfare schemes and the challenge of replacing or integrating them effectively. Conclusion: Conclude by stating that while UBI presents a promising approach to social welfare, its implementation must be carefully calibrated to India’s financial realities and existing safety nets.
Why the Question:
The phenomenon of jobless growth, where productivity rises but job creation lags and contributes to the alarming trend in inequality, has rekindled interest in a UBI as a component of a social safety net across the world.
Key Demand of the Question:
Discuss the potential advantages of UBI, such as poverty alleviation and social security. Analyze the challenges of implementing UBI
Structure of the Answer:
Introduction:
Define UBI and briefly mention its growing global relevance due to rising unemployment and inequality.
• Advantages of UBI: Suggest how UBI can provide financial security, reduce poverty, and streamline welfare schemes by cutting administrative costs. Point towards its potential to address joblessness and offer a cushion against automation-driven unemployment.
• Suggest how UBI can provide financial security, reduce poverty, and streamline welfare schemes by cutting administrative costs.
• Point towards its potential to address joblessness and offer a cushion against automation-driven unemployment.
• Challenges of UBI: Indicate concerns over financial feasibility, considering India’s fiscal constraints. Briefly mention the overlap with existing targeted welfare schemes and the challenge of replacing or integrating them effectively.
• Indicate concerns over financial feasibility, considering India’s fiscal constraints.
• Briefly mention the overlap with existing targeted welfare schemes and the challenge of replacing or integrating them effectively.
Conclusion:
Conclude by stating that while UBI presents a promising approach to social welfare, its implementation must be carefully calibrated to India’s financial realities and existing safety nets.