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25/08/2022 - Economy

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August 25, 2022

Universal Basic Insurance is a better proposition than Universal Basic Income. Do you agree with this view? Comment (200 Words)

Refer - The Hindu

Enrich the answer from other sources, if the question demands.

5 comments
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IAS Parliament 2 years

KEY POINTS

·        Social security mainly encompasses food security, health security and income security.

·        India operates the widest spectrum of social security schemes which cater to the largest number of people than any other country.

·        The Indian food security programme, for example, has over 800 million beneficiaries being provided heavily subsidised food grain under the National Food Security Act (NFSA).

·        About 120 million children are provided free lunch under the Mid-Day Meal Scheme.

·        The insurance penetration (premium as a percentage of GDP) in India has been hovering around 4% for many years compared to 17%, 9% and 6% in Taiwan, Japan and China, respectively.

·        Two, though the economy largely remains informal, data of that informal sector are now available both for businesses (and for unorganised workers (through e-Shram, which is the centralised database of all unorganised workers).

·        As a result of the recent initiatives by the Government, the Goods and Services Tax (GST) portal has 13.5 million registrations and the e-Shram portal has over 280 million registrations.

·        As a prototype of a social security portal based on such data, the social registry portal, ‘Kutumba’, developed by Karnataka is available as a blueprint.

·        Till the Indian economy grows to have adequate voluntary insurance, social security can be boosted through the scheme of universal basic insurance.

 

K. V. A 2 years

Pls review

IAS Parliament 2 years

Good attempt. Keep Writing.

Soni Kumari 2 years

Please review sir 

IAS Parliament 2 years

Avoid listing out government schemes, try to include data to support your answer and bring coherence in the answer. Keep WRiting.

Lavanya 2 years

Kindly review 

IAS Parliament 2 years

Try to mention about the social security aspect. Keep Writing.

Carol 2 years

Kindly review

IAS Parliament 2 years

Avoid listing out points, try to bring coherence in the answer, and add more content to the answer. Keep Writing.

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