I should be held responsible for the prediction six months down the road, says former Chief Economic Advisor Arvind Subramanian.
Former Chief Economic Advisor Arvind Subramanian has made a “controversial prediction” that every political party manifesto will have one poll promise in 2019 and that is universal basic income (UBI). Subramanian, in the Economic Survey 2016-17, had mooted the idea of universal basic income or a uniform stipend paid to every adult and child, poor or rich.
On being asked about the idea of UBI, Subramanian told ET Now, “Let me make a controversial prediction… especially in the aftermath of this election (the assembly election five states) and what has happened in the last couple of years in the agriculture sector, my strong suspicion and prediction is that every political manifesto heading into the 2019 election will have some sort of commitment to universal basic income.”
I should be held responsible for the prediction six months down the road, he added, hinting at populist measures by political parties.
Meanwhile, on the developments surrounding the Reserve Bank of India’s (RBI) autonomy, he said that it should not be compromised and that there is a need to improve communication between the government and the central bank.
He also said that given the current liquidity crisis in the Non-Banking Financial Companies (NBFCs), there is a need to do Asset Quality Review (AQR) as was done for banks.