NYAY scheme under scanner for feasibility |
Ever since the Congress president Rahul Gandhi has announced their ambitious NYAY scheme for the poor the debate is on whether it is feasible of is just another election bluff. Former Reserve Bank of India governor Raghuram Rajan has said that the minimum income guarantee scheme proposed by the Congress is good in theory but needs to take into account the fiscal realities of India. On March 25, Congress chief Rahul Gandhi announced that 1045 dollars per year will be given as minimum income to poor families, benefiting around 250 million people, if his party is voted to power in Lok Sabha polls. The money will be directly transferred to the bank accounts of 20 percent of the poorest in the country. The scheme, said the Congress president, would lift five crore families or 250 million people out of poverty. Rahul Gandhi had earlier clarified that, the scheme has been studied through for 4-5 months and it is fiscally possible. While Raghuram Rajan agreed that the NYAY scheme announced by Congress will promote growth at the grassroots level, he remained sceptical about whether the Indian economy can afford such a scheme.
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