NYAY: Rahul Gandhi's Nyunitam Aay Yojana explained
Congress president Rahul Gandhi on Monday made a major poll promise - a minimum income scheme that will give Rs 72,000 per annum to 20 per cent families belonging to the poorest category if his party comes to power.
Christened as Nyuntam Aay Yojana or NYAY promises to benefit five crore families and 25 crore people directly.
Gandhi said the Congress has studied the fiscal implications of the scheme and consulted renowned economists and experts before finalising the scheme. It is an extremely powerful, ground-breaking and well-thought through idea. We have consulted many economists on the scheme, Rahul Gandhi said.
What Rahul Gandhi has promised
Congress chief has promised to provide a minimum income of Rs 72,000 annually to poorest people in India, if his party is voted to power.
Benefits of NYAY
If the scheme is implemented, it will support the five crore families or 25 crore individuals directly, Rahul Gandhi has claimed. It will supplement their income to enable better living standards.
Who will benefit from Rahul Gandhi's minimum basic income scheme
Rahul Gandhi, in his presser said, that 20 per cent families belonging to the poorest category will benefit from the scheme. The minimum income line for the scheme has been set at Rs 12,000 per month. The scheme will supplement income of those earning Rs 12,000 per month, Rahul Gandhi said.
Difference between Universal Basic Income and Minimum Income Guarantee
The essential difference between UBI and MIG is that a universal basic income provides a monthly stipend that would ensure that a person would be above the poverty line without any other source of income. In 2016-17, the Economic Survey of India suggested a UBI of Rs 7,620 per annum to 75 per cent population of India.
A minimum income guarantee, on the other hand, is pretty much at the discretion of the government of the day -- it can be equal, more or less than the poverty line expenditure.
Since Rahul Gandhi's plan focuses only on the poor, it basically constitutes as the minimum income guarantee scheme.
How can you avail benefits of NYAY
Nyuntam Aay Yojana or NYAY is a proposed scheme. Congress has promised to put it into action if it is voted to power. Thus, we will have to wait until after the elections to see if and how it will be made available to the public.
