More than 700 million people around the world live in extreme poverty. As per a 2011 estimate, a global safety net that supplements the income of each poor person to lift it above the poverty level of $1.25 per day (World Bank’s International Poverty Line; updated to $1.90 in 2015) would cost about $66 billion each year. [i] More than twice this amount is spent in global aid annually, but eradication of poverty remains a far cry. Would it help if we could simply make enough cash available to the poorest individuals, to lift them (and keep them) out of poverty?
Conceptualized on these lines, Basic Income (BI) as an idea is rapidly gaining ground in international development. Simply put, Universal Basic Income (UBI)
is a social security mechanism under...Read more