INTRODUCTION:

The notion of welfare support in the form of a basic income has it in the air for a while now and number of economist in the prevents have discussed the desirability and feasibility of basic income provisioning in the Indian context.

What is the basic income?

Basic income is a form of social security that offers periodic cash payments to all individual in a country and unconditionally.

The BIEN (BASIC INCOME EARTH NETOWRK) – A NETOWRK OF academicians advocating for UBI to all - descales basic income as “periodic cash payment unconditionally delivered to all on an individual basic, without means test or world requirement.

The universal basic income (UBI) proposal in India is formed with the the intent of providing every citizen “a basic income to coven their needs, which is bounded by the 3 Component (1) Universality (2) Unconditionally (3) Agency (1) universally means to all.

(2) Unconditionally denotes basic income for all without any means.

(3) Agency refers to Lens through which the Indian government view the poor

what is a financial inclusion?

Financial inclusion is the process of ensuring access to appropriate financial products and services needed by valuable group such as weaker section and law income group at an affordable cost in a and a transparent mens buy mens cream institutional players financial inclusion has become one of the most critical expect in the corner content of inclusive growth and development is a policy initiative entered the banking lexicon only after the endorsement of the Rangarajan committee in 2008 if begin to attract the attention of stakeholder when Bank release the signification of connecting with more people for financial services including provision of basic saving account and X6 to adequate credit and affordable cost to valuable group and low income household.

OBJECTIVE OF STUDY:

1. To know the need of UBI (Universal Basic Income).

2. To evaluate the role of RBI and financial inclusion in poverty.

3. To know the issue and challenges related to Universal basic income

RESEARCH METHODOLOGY:

This paper is basically descriptive in nature in this paper a deep study has been made to analyse the Basic income and financial inclusion in India. The data used in it is really from secondary sources.

Need of basic income in India:

it has been major concern for a country like India to implement a policy like UBI as many policy have been implemented to eradicate poverty and develop society UBI will also has in the financial inclusion the need of UBI in the country like India are the following-:

1. Poverty and vulnerability reduction.

2. Choice - Individual could spend as per his/her choice.

3. Better targeting of poor.

4. Insurance against employment.

5. Improvement in financial inclusion.

6. Psychological benefits - reduced pressure of finding a basic living.

Population then scientific sampling procedure is very much required to compare with a complete coverage of the population in the recent situation sampling is used under three broad categories like

1. Experiment

2. Survey

3. Investigation

4. Understanding Classroom Process

The sampling plan for the study base the following key component:

1. Define the student population to be surveyed.

2. Preparing a list of school in which eligible students are enrolled.

3. Selecting of the sample of the school from the list.

4. Random selection of eligible teachers and student within each sample School.

HOW TO FACE CHALLENGES AND COMPLEXITIES?

This Problem provided them with a good exposed to the challenges and complexities of the real-time business to consumer as a student move from task to task, the complexities and nuances unfolded before them they realize that there no clear cut and easy answesr to the problem they faced. All of group eventually had to confront the same questions

1. What kind of business model should be used as a basic for our business

2. what type of process should we sell and how should we sell them?

3. How should we price our products?

4. what strategies should we used to deal with our customer

5. how should we deal with our competitors?

Students hed to learn to make quick decision in a group context about the direction of their business and live with the consequences of their decisions. Students also engaged in self directed learning throughout the semester.

There were also some problem with the PBL. Because of the heavy emphasis on the group work, attention to the group process in extremely important.

Not enough time was spent in class discussing group dynamics and project management in group. As a result, there were some groups that had difficulties that affect their performance.

Dimension to Chhattisgarh:

The population of Chhattisgarh 1.761 crores in 1991 and has a population density of 130 person per square kilometer. The new state had an urbanization rate of 17.4% in 1991, much lower than that of Madhya Pradesh which was 25.3%. The largest concentration of population for the state is in districts in the central and North Central part Raipur and Durg have the maximum population which comprises 14.4 and 13.6% of the state entire population in 1991 According to the census of 1991. literacy the most basic indicator of education was 14 2.9%. This is marginally less than the literacy rate of 44.7 person of undivided Madhya Pradesh

Issue of UBI

For implementing the policy of UBI in a country like India is a major concern. India is a developing country so it has a negative side too of UBI and they are-:

1. The spending on wasteful activites.

2. Reduction in the labor supply.

3. Gender disparity induced by cash.

4. Implementation stress on the banking system.

5. Fiscal costs given political economic of exist

6. Exposure of market risk

Impact of UBI in penis inclusion:

1. The implementation of UBI will have direct positive impact on the debt structure. it will facilitate reduction in debts as it will enables The villagers to both borrow less from the money lenders (at the high interest rate) and pay back to the money leaders with the basic income

2. Incorporating UBI through direct transfer would bring more people into the formal banking system.

3. Direct benefit to the farmer who are trapped by informal credit System.

4. UBI would give individuals freedom to spend the money in a way (Rao, 11 july 2008)(Universal Basic Income, 2018) they choose. It will strengthen economic liberty at an individual level.

5. UBI is a kind of insurance against unemployment and hence help in reducing poverty.

6. Direct transfer of cash to recipient’s bank account will increase the demand for Financial Service would help Bank to invest in the expansion of their service network. This is very important of financial inclusion

CONCLUSION:

Basic income is most significant concern of 21st century Government and Baling initiative alone would not be sufficient for development of a nation. Access to financial services such as Insurance, saving and remittances are extremely important of poverty alleviation and development. To achieve the goal all bank NGO, Micro finance have to work together.

REFERENCE:

Universal Basic Income 2008 1804

United Nations Economic and Social Commission for Asia and the Pacific

Received on 08.02.2019 Modified on 14.03.2019

Res. J. Humanities and Social Sciences. 2019; 10(2):433-435.

DOI: 10.5958/2321-5828.2019.00073.1