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Home / IAS Preparation / Minimum Income Guarantee vs Universal Basic Income

Difference between Minimum Income Guarantee and Universal Basic Income - UPSC Notes for Economy!

Last Updated on Sep 01, 2023
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The then Finance Minister, Shri Arun Jaitley argued for the concept of Universal Basic Income (UBI) to replace existing social assistance systems in an effort to eliminate poverty in the Economic Survey 2016-17. On the other hand, Rahul Gandhi has promised to provide the country’s underprivileged with a Minimum Income Guarantee (MIG). Minimum Income Guarantee is a focused programme, whereas Universal Basic Income is a general programme.

The difference between the Minimum Guarantee Scheme (MIG) and the Universal Basic Income (UBI) is given in detail here. This topic is important from the standpoint of the Indian Economy and Indian Polity Syllabus. The difference between the Minimum Income Guarantee (MIG) Scheme and Universal Basic Income (UBI) provided here can assist UPSC IAS candidates in better understanding the fundamentals and understanding the comparisons.

Read about Economic Survey 2021-2022 here!

Download Difference between Minimum Income Guarantee and Universal Basic Income – UPSC Notes for Economy PDF here!

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What is Guaranteed Minimum Income?
  • Guaranteed minimum income is also called minimum income.
  • It is a supplementary model that provides low-income residents with variable amounts of additional cash based on verified needs.
  • A system of payments (perhaps only one) by the government to citizens who fail to meet one or more means tests is known as a guaranteed minimum income.
  •  A guaranteed minimum income has as its principal purpose in the alleviation of poverty.

Read the World Bank Report: Extreme Poverty in India with this link!

What is Universal Basic Income?
  • Universal basic income is a paradigm for delivering a set amount of money to all people of a country or other geographic area, regardless of their income, resources, or employment status.
  • The goal of Universal Basic Income is to avoid or reduce poverty and improve citizen equality. One of the key tenets of Universal Basic Income is that it is universal, meaning that all citizens are automatically beneficiaries.
  • Adopting a universal approach in India will increase government spending because it would be necessary to assure that no citizens are left out.

Study in detail about MGNREGA here!

Basic Features of Minimum Income Guarantee

The basic features of the Minimum Income Guarantee are as follows:

  • Only the poorest rural and urban households in the country will be covered by the Minimum Income Guarantee.
  • This strategy will not offer money to all of the country’s residents; rather, it will be targeted.

न्यूनतम आय गारंटी (MIG) और यूनिवर्सल बेसिक इनकम (UBI) के बीच अंतर हिंदी में भी पढ़ें!

Basic Features of Universal Basic Income

The basic features of Universal Basic Income are as follows:

  • Beneficiaries will get cash payments directly into their bank accounts, rather than cash coupons for goods or services.
  • Universal Basic Income around the world is a universal programme. It signifies that it is not only for a single race but for all citizens of the country without discrimination.
  • Individual beneficiaries refer to every adult citizen who is not a member of a household.
  • Payments to recipients will be provided on a regular basis, such as monthly or annually.
  • To be a part of Universal Basic Income, no one has to justify their unemployment or socioeconomic situation.
  • As a result, no beneficiary takes into account an individual’s financial status.

Study in detail about PM Kisan Nidhi Yojana here!

Pros and Cons of Minimum Income Guarantee

Pros of MIG

Cons of MIG
  • One of the main advantages of the Minimum Income Guarantee is that it provides direct cash transfers to the person in need.
  • Minimum Income Guarantee provides all citizens or families a sufficient income if they meet certain eligibility criteria, which typically include citizenship, a means test, and either availability to work or willingness to perform community services.
  • A guaranteed minimum income has as its principal goal, the alleviation of poverty.
  • The disadvantage of the Minimum Income Guarantee would be in using any household survey or census data
  • Determine household income is flawed because people naturally under-report their incomes when they are aware that their future eligibility for government subsidies/transfers is contingent on this information.
  • Another disadvantage of the Minimum Income Guarantee is financial viability.
  • Any such system would entail more government spending if it were an add-on.
  • Therefore, the choice is between increasing the fiscal deficit, imposing new taxes (such as agricultural income tax, wealth tax, inheritance tax, capital gains tax, or eliminating existing tax breaks for businesses),
  • Reducing the supply of subsidized goods and services such as food, fertilizer, water, education, health care, or development spending.

Study in detail about PM Garib Kalyan Yojana with this link!

Study in detail about National Income with this link!

Pros and Cons of Universal Basic Income

Pros of UBI

Cons of UBI
  • It is one of the most significant endeavors in any country to decrease poverty, this is the main advantage of Universal Basic income.
  • Universal basic income eliminates income disparity because the amount is set for everyone in the country,
  • The overall economy benefits because every poor person gains purchasing power.
  • Another advantage of Universal Basic Income would be that money is almost never wasted in this method because the procedure is so simple.
  • Every individual receives a guaranteed income through universal basic income.
  • It is simple to implement because the government does not need to identify the beneficiaries.
  • Governments used to provide residents with beneficiary systems, but they are now attempting to reverse this tendency by providing individuals with cash and the flexibility to buy whatever they want.
  • There’s a good probability that a steady stream of money will make the poor indolent or lose their will to work.
  • Giving money to the poor without making any effort would raise unemployment because people will become reliant on the government for their survival.
  • The economy’s inflation rate will climb.
  • There is no guarantee that the money will be used for fundamental requirements such as education, food, and health.
  • People that do not require this money could spend it on drugs, tobacco, alcohol, or even their personal luxury, this will be the main disadvantage of Universal Basic Income.

Study in detail about MUDRA Yojana with this link!

Difference between Minimum Income Guarantee (MIG) and Universal Basic Income (UBI)

The significant differences between Minimum Guarantee Scheme (MIG) and Universal Basic Income (UBI) are as follows:

Minimum Income Guarantee (MIG) Universal Basic Income (UBI)
  • The Congress Party has suggested the Minimum Guarantee Scheme (MIG). It’s also known as NYAY.
  • Rahul Gandhi, the Congress Party’s leader, advocated the MIG idea.
  • The sum set aside for the Minimum Guarantee Scheme (MIG) would be 2% of GDP.
  • Amounts of Rs 6000/- per month would be given to 25 crore people under the Minimum Guarantee (MIG) plan.
  • The MIG system does not provide money to each member of the family; rather, the entire family is treated as a single entity.
  • The Union territories, state governments, and concerned institutions must designate the recipients in order to disburse the funds under this plan.
  • The National Democratic Alliance (NDA) government has suggested a concept called Universal Basic Income.
  • Former Finance Minister Arun Jaitley suggested Universal Basic Income. It was recommended in the 2016-17 Economic Survey.
  • The cost of the Universal Basic Income (UBI) programme would amount to 4.9 percent of the country’s GDP.
  • Under the Universal Basic Income (UBI) proposal, 75 percent of the population would receive Rs 7,620 per year. The poverty line established by Tendulkar in 2011-12 was used to arrive at this figure.
  • The Universal Basic Income (UBI) system will distribute money to every family member.
  • There is no requirement to show socioeconomic level or jobless status under the Universal Basic Income (UBI) Scheme.

Study in detail about NITI Aayog with this link!

UPSC Prelims Practice Question

Q1. Which of the following is/are the components of Universal Basic Income?

  1. Unconditionality
  2. Universality
  3. Agency
  4. All of the above

Q2. Consider the following statements regarding Minimum Income Guarantee

  1. The Congress Party has suggested the Minimum Guarantee Scheme (MIG). It’s also known as NYAY.
  2. Under the Minimum Income Guarantee scheme, the system will distribute money to every family member.
  3. A guaranteed minimum income has as its principal purpose in the alleviation of poverty.

    4. Select the correct codes:

    1. 2 and 3 only
    2. 1 and 2 only
    3. 1 and 3 only
    4. 1, 2 and 3

UPSC Mains Practice Question

1)Analyze the notion of Universal Basic Income in the context of its potential benefits and drawbacks in a developing country such as India. (250 words)

2)After COVID-19 took away jobs and exposed the poor populations’ deep-rooted vulnerabilities, the idea of giving a basic minimum income has gained ground around the world. What are your thoughts on this concept? Is it time for India to introduce a universal basic income programme? Demonstrate your point of view. (250 words)

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Difference between Minimum Income Guarantee (MIG) and Universal Basic Income (UBI)- FAQs

Guaranteed minimum income is also called minimum income. It is a supplementary model that provides low-income residents with variable amounts of additional cash based on verified needs.

No, Guaranteed Income is not the same as Universal Basic Income. The Congress Party has suggested the Minimum Income Guarantee Scheme (MIG) whereas Universal Basic Income was suggested by the National Democratic Alliance (NDA) government.

Universal basic income is a paradigm for delivering a set amount of money to all people of a country or other geographic area, regardless of their income, resources, or employment status.

The United States offers a number of social programmes that guarantee a minimum income to people who meet particular conditions, such as having assets or being disabled.

Universal Basic Income is a supplement to existing welfare benefits and does not replace them.

Universal Basic Income is a government scheme in which every adult citizen receives a fixed amount of money on a regular basis. A basic income system's goals are to reduce poverty and to replace current need-based social programmes.
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