The Narendra Modi-led National Democratic Alliance (NDA) government seems to be considering the idea of a “Universal Basic Income” or a regular state payment to all citizens regardless of their employment status.
Critic of Universal Basic Income says this idea comes from capitalists country. They doubt the intention of these capitalist peoples saying that why they are so much concerned for other people. Presenters of UBI shows many reasons like less poverty, good status of life etc.
To read more about reason and benefits…
Critic have also there points why we should not opt it. I will try to explain few of them here…
Fear of Extra Tax
1% wealth of the whole world is distributed among 99-98% people, therefore people filled with aggression. Which could force government to imposed extra tax on people having 99% wealth, therefore capitalist want government to full fill people aggression by giving fixed income.
Roll back of all subsidies
D.K. Srivastava, chief policy adviser at EY India, said the budgetary cost of UBI will be heavy at present. If India go ahead with Universal Basic Income it will require 10-13% of GDP. Which is currently not possible. To arrange money Govt. will have to stop all current subsidy schemes.
Benefits of Roll Back of Subsidies to capitalist
Due to subsidies provided by govt to people capitalist not able to work at their full capacity. Due to subsidies their margins are hit badly, therefore they want govt to stop all subsidies.
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