A minimum guaranteed income to one member of the country’s 25% poorest households could cost over Rs 7 lakh crore, initial estimates by the government showed.
The calculation was based on a minimum wage payment of Rs 321 a day, translating into Rs 9,630 a month, mandated by the Centre for unskilled farm workers. The cost was expected to be over Rs 5 lakh crore if 18-20% of the households were targeted, as was indicated by former finance minister P Chidambaram in interviews after his party chief Rahul Gandhi announced plans for a minimum income guarantee if voted to power in the Lok Sabha elections. The Congress president had not elaborated on the details of his proposal.
A minimum guaranteed income to one member of the country’s 25% poorest households could cost over Rs 7 lakh crore, initial estimates by the government showed.
The calculation was based on a minimum wage payment of Rs 321 a day, translating into Rs 9,630 a month, mandated by the Centre for unskilled farm workers. The cost was expected to be over Rs 5 lakh crore if 18-20% of the households were targeted, as was indicated by former finance minister P Chidambaram in interviews after his party chief Rahul Gandhi announced plans for a minimum income guarantee if voted to power in the Lok Sabha elections. The Congress president had not elaborated on the details of his proposal.
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