NYAY Scheme 2019: Nyuntam Aay Yojana announced by the Congress President Rahul Gandhi is an income guarantee scheme, being touted as the final attack on poverty. Under it, Rs 72,000 will be provided to the poorest 5 crore families or 25 crore people in India.
The announcement came days before the beginning of Lok Sabha elections 2019. Earlier, Prime Minister Modi has launched PM-KISAN, a minimum income guarantee scheme, in the interim budget 2019. Under it, 6,000 will be given per year to small and marginal farmer families having combined land holding of upto 2 hectares.
NYAY scheme has mentioned in the Congress manifesto 2019 is expected to cover 20 percent of the poorest families in India. The move would provide a safety net to the poor against shocks such as income fluctuation, lack of employment issues and health issues.
A minimum monthly handout of Rs 6,000 to poor poeple, those who have a monthly income of Rs 12,000 INR, or less and as far as possible, the money will be send to the bank account of a woman in the family .
The scheme is around costing 3.6 lakh crore to the exchequer will be implemented in phases and would be a joint scheme of central and state government. The estimated cost will be less than one percent of the GDP in the 1st year, and less than Two percent of the GDP in the 2nd year and thereafter. Further, as the nominal GDP will grow by pulling out the families out of poverty(Poor households), the cost is expected to decline as a proportion of the GDP.
And no increase in income tax would be made to fund the scheme, said Rahul Gandhi. Instead, the money will be raised via new revenues and rationalisation of the government expenditures.
A 3 months design period would be followed by the pilot and testing period of 6-9 months, before the final rollout of the plan. Moreover, an independent panel of experts including economists. Each stage of the scheme would be implemented after the approval by this panel.