Universal Basic Income Essay India | Top & Best Free Essays for Students

Universal Basic Income essay for Class 8, 9, 10, 11 and 12. Find a paragraph, long and short essay on Universal Basic Income for Students.

Universal Basic Income Essay

Essay on Universal Basic Income

Universal Basic Income Essay 250 Words

In today’s world, the concept of absolute equality is highly overrated. The demand for it is high yet the goal seems far-fetched. Time and again the government has tried to distribute parity to its citizens and universal basic income is another step in this direction. In UBI every citizen of a nation is given some allowance in cash, so he can fulfill the basic requirements of his life and live a dignified life.

The allowance is given irrespective of social and economic background and even in the absence of a will to work.

UBI has become a hot potato among economists as they unveil the pros and cons of it. In the Indian context, the ones in favor of UBI argue that it will serve as a positive insurance against poverty, as UBI is not a targeted scheme the burden of locating beneficiaries and auditing will reduce drastically.

It will promote liberty as people could spend on the thing they wish. However, the ones against believing, that UBI will be a financial burden and money will come from a reduction in existing subsidies or from an increase in indirect taxes. The former will leave important aspects like health and education in a lurch while the later could lead to inflation and a decrease in the purchasing power of the money given. Finally, people could misuse the money given to them and the scheme could fail to its core.

Nevertheless, the Indian government should come up with a cyclic revenue generation plan where it could balance the expenditure on UBI without sacrificing or diminishing the importance of health and education.

Universal Basic Income Essay 300 Words

“In the state of nature, everyone had claim to property so some kind of Universal Basic Income should be given to all” – Thomas Paine

Recently, many members of Parliament and economic scholars have floated the idea of UBI. It is for every citizen of the country. It is a kind of social security transfer in the form of unconditional cash transfers which citizens can utilize to fulfill their basic needs.

There are three components of UBI i.e. Universality, Unconditionality, and Agency. According to the World Bank Report, 280 million people are still below the poverty line. So we need some kind of system like UBI which give every person a right to a basic income to cover his needs.

There are many arguments in favor of UBI like it provide social justice, reduce poverty, reduce workers exploitation and it will led to a financial inclusion. But there are many objections also to the UBI like it reduces the incentive to work, regressive nature of the idea, it may become an add-on to existing scheme and it creates too much stress on the banking sector.

However, this concept is rooted in the Gandhian vision of wiping every tear from every eye. It intends to ensure basic livelihood security to every citizen. However, there are many challenges to implement this system. There is a fiscal cost of implementing UBI which government can’t afford.

So to conclude we can say that UBI is a powerful idea whose time, even if not ripe for implementation, is ripe for serious discussion. UBI may help in achieving the outcomes that Mahatma Gandhi so deeply cared about and fought for all his life.