Basic income can be new ‘social security’

Tribune News Service

New Delhi, March 30

A basic income scheme can be the new form of social security in a changing economy and it should reach the bottom 50% of the population are among the key takeaways from the national conference on basic income which concluded today.

Wrapping up the findings of the deliberations and the way forward, Renana Jhabvala, Chair, SEWA Bharat, said the basic income is a new form of social security and a way that the changing economy has to respond.

She said since the economy is changing from what it used to be decades ago and is also becoming more insecure, the question is what kind of social security will fit in the new environment.

She said SEWA has recommended that the basic income must reach the bottom 50% of the population and an assessment should also be made on how it benefits women.

Anindya Chatterjee, Regional Director, Asia, International Development Research Center, said the idea of a basic income scheme has gained a lot of momentum.

Among the major issues around this concept, he listed defining of Universal Basic Income as an important one. On the point made by some speakers that some subsidies should be phased out to make fiscal space for basic income, he said health and education should not be included in this list as they achieve a larger social goal and cannot be compared to subsidies on fertilizer and kerosene.