Why Rahul Gandhi's dole out of 3,60,000 crores annually on this one scheme alone will spell an economic disaster for India? As no revenue means to fund this mammoth dole out scheme is forthcoming, I wouldn't be off the mark to presume deficit funding as the only viable option. It will be an economic harakiri.
1. Fiscal deficit will go up to 6%
2. Inflation will be in double digits
3. INR will collapse to 90 against USD.
4. RBI reverse repo rate will climb to 10% or above.
5. *There will be huge increase in labour cost as those who get Rs 6000 pm for doing nothing will withdraw from the Labour market.*
6. Stock markets will collapse.
7. *India will be downgraded to junk status by international rating agencies*
8. Huge Forex outflow will put further pressure on the economy.
Subsidies and cash doles are a no brainer. *Any party or government can indulge in this vote purchase politics. The NYAY scheme is neither a masterstroke nor extraordinary as is being projected by some Cong leaders and a section of media.*
I'm not even venturing into the pitfalls of implementation of such a scheme. Its for some other day. *Today, let India be not the next Venezuela or Argentina.*
Please read the article published by India Today.
https://www.indiatoday.in/elections/lok-sabha-2019/story/niti-aayog-rahul-gandhi-rs72000-per-annum-promise-nyay-1486301-2019-03-25
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