A recent article published in The Economist reports that India is considering the adoption of a Universal Basic Income (UBI) scheme to replace a myriad of existing welfare systems.
Unlike the discussions that are taking place in other countries, this discussion about Universal Basic Income is not motivated by advances in technology and the fear of massive unemployment. The main aim of such a measure would be to replace many existing welfare mechanisms that are expensive, ineffective, and misused.
The scheme would provide every single citizen with a guaranteed basic income of 9 dollars a month ( hardly a vast sum ) and would cost between 6 and 7% of GDP. The 950 existing welfare schemes cost about 5% of GDP. Such a large scale experiment would, at least, contribute to make clear the advantages and disadvantages of UBI as a way to make sure every human being has a minimum wage, independent of any other considerations or the existence of jobs.
Photo by Amal Mongia, available at Multimedia Commons.
Digital Minds 
India is showing progress in innovating their financial technologies. Thanks to the recent implementation of project Adhaar and the launch of their Unified Payment Interface and their success. India is taking action and turning theory into practice, something that in my opinion was a necessity due to their difficulties with population numbers and “informal economy”.
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