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News: To ensure financial feasibility, a modified Universal Basic Income (UBI) policy may be adopted as foundation, which can be supplemented by other transfer policies like PM KISAN.
1. Universal Basic Income (UBI): It is an income support mechanism where all (or a very large portion of population) receives a regular, unconditional (or largely unconditional) sum of money from government.
2. Some of the intended benefits of UBI include: A) Poverty Alleviation B) Expanding Social Security Coverage C) Ensuring Financial Security
3. While disadvantages associated with UBI include huge financial burden, potential inflationary pressures, reduced incentive to work.
4. Countries like Iran and Mongolia have experimented with partial UBI in the past.
5. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): It is a central sector scheme under which an income support of 6,000 per year, in three equal instalments, is provided to all landholding farmer families.
6. This scheme is being administered by Ministry of Agriculture and Family Welfare.
