Minimum income guarantee scheme will benefit 25 Crore people in India: P Chidambaram
P Chidambaram, Congress on minimum income guarantee scheme announced by Rahul Gandhi: We will identify the poorest 20% of India's families, that is about 5 Crore families & going by an average size of 5 members per family, this scheme will benefit 25 Crore people in India. Size of India's economy today is Rs 200 Lakh Cr & in nominal terms it'll increase by about 12% per year. In about 6 years it'll double. So in 5 year between 2019-2024 size of India's GDP would've grown from about Rs 200 Lakh Cr to Rs 400 Lakh Cr. Expenditure of GoI & all states put together is about Rs 60 Lakh Cr, revenues are growing at about 18% so amount available to central & state govt will double in about 5 years. So we believe India has capacity to implement this program. We've taken into account all factors-incomes of diff sect of people, consumption patterns, what's needed to keep a family above poverty. We've concluded GoI & states must provide income support of Rs 6000/month to 5 Cr families which means Rs 72,000/year to each family.