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LATEST NEWS UPDATES | A mining fund in Goa could soon give all its residents an equal, regular income -Rahul Basu

A mining fund in Goa could soon give all its residents an equal, regular income -Rahul Basu

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published Published on Dec 26, 2016   modified Modified on Dec 26, 2016
-Scroll.in

Inspired by a similar project in Alaska, the state may be the first in India to implement the concept of basic income.

Tourist brochures frequently describe Goa as some kind of utopia and the Economic Survey – expected at the end of January, a day before the next Union Budget – could go some way in bridging the gap between imagination and reality. The document will discuss the feasibility of implementing basic income, an unconditional cash transfer for all residents that could bring improvements in health, nutrition and education.

In Goa, the basic income could come out of the Goa Iron Ore Permanent Fund, created by the Supreme Court in April 2014 as part of its judgement in a case regarding widespread irregularities in the state’s mining activities. The court’s decision to set up the fund was in response to a proposal by the petitioner, Goa Foundation, and the consequent recommendation of an expert committee. The corpus was created from a new levy of 10% on the sale value of iron ore. The fund is now worth Rs 100 crores.

The idea of a basic income is to treat everyone equally by giving them, without condition, the same sum of money on a periodic basis. The benefits are many: it recognises and compensates socially useful unpaid work (such as bringing up children), provides insurance against shocks such as those presented by a sudden illness, and enables debt repayment and entrepreneurship.

It benefits the disadvantaged sections the most, and engenders personal freedom, which is appealing to both left and right-wing economists. And it has administrative simplicity since it is unconditional and for everyone.

However, there are four broad objections to the idea of basic income: Why should people get something for nothing? Why should the already rich benefit? Will people stop working and society collapse? And can we afford it?

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Scroll.in, 26 December, 2016, http://scroll.in/article/820010/a-mining-fund-in-goa-could-soon-give-all-its-residents-an-equal-regular-income


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