Rahul Gandhi Promises Rs 72000/year

Rahul Gandhi Promises Rs 72000/year

Rahul Gandhi Promises Rs 72000/year

As we all know, Lok Sabha Elections is going on. In the flow Congress President Rahul Gandhi Promises Rs 72000 per year to 20% poor people in India. The amount is huge, so is it possible to distribute the amount in the world’s 2^nd largest populated country? What are the financial burdens we are going to face after this? Lets analyze the news.

What Recently Happened?

Mr. Rahul Gandhi on Monday announced 20% families belonging to the poorest category will be given Rs 72000 per year as minimum means if his party comes to power. #Congress, intends to call this scheme as NYAY (Nyuntam Aay Yojana or basic income scheme).

This is an announcement by a political party before election, not passed by parliament, congress is not in power to do so, at-least for today, that’s why there may be changes in future regarding the amount value.

Analyze Broadly

The amount 72000 will not given to an individual, but the family. To understand this better lets take an example, we have 2 families, one having family income 30,000 per year and other having family income 80,000 per year. According to the scheme 1^st family will get only Rs 42,000 to complete its 72,000 income band, On the other hand 2^nd family will get nothing because their income is already greater than 72,000 income band. The main idea is to fill the gap of Rs 72,000. The amount is given partly in a year.

According to #Central Statistical Office, there were 24.95 crore households in India in 2011, approx. Rs 16.87 crore rural households and Rs. 8.08 crore total in urban households. So overall 20% of this 25 crore families, approx 5 crore families to get minimum Rs 72,000/year. 

Rahul Gandhi

How much amount is this?

Considered amount Rs. 72,000 for 5 Crore families would mean 3,60,000 crore approx, but different families having different income so, this may be reduced to approx Rs. 2 lakh crore, and this amount is seriously more than our defence budget. This amount is about 13% of Rs 27,84,000 crore budget for 2019-20. In this budget allocation of Rs 3,27,679.43 Crore for Central Sponsored Programme under central government’s 29 Schemes, under #MNREGA, Swacch Bharat scheme, National Health mission & National Education Mission.

 

Our Views

India is not the first country if this will be implemented in the future. In USA, preparing for 2020 elections, famous politician Andrew Yang, started campaign named Human Central Capitalism states that every American adult over 18 year of age, will receive $1000 a month, i.e., Rs 70,000 per month to fulfill their basic needs. Various other countries are also moving forward to enrich their people’s livelihood, India is not alone.

What do you think regarding the promise? Please mention your views on the topic

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