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India needs basic income scheme to make lockdown work

prasad1

Gold Member
Gold Member
India needs to come out with a basic income scheme to make the lockdown work, noted French economist Thomas Piketty said on Tuesday.

He also said that India has the potential to become the global democratic leader of the 21st century if it manages to address the issue of inequality.

The government has imposed lockdown from March 25 to curb the spread of coronavirus and since then extended the restrictions twice.

“I think the government would be well advised to introduce a basic income scheme, and more generally to develop a safety net in India. I do not see how a lockdown can work without a system of income maintenance,” Piketty told PTI in an interview.

Interestingly, the idea of universal basic income was mooted in Economic Survey 2016-17 by the then chief economic advisor Arvind Subramanian and there was a discussion last year during the electoral campaign to introduce a basic income in India.

Piketty also pitched for more equitable and progressive taxation including a wealth tax and inheritance tax in India.
"India has the potential to become the global democratic leader of the 21st century, assuming the country manages to come to terms with its legacy of inequality," the eminent economist emphasised.

 
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