Recently Congress has released their manifesto and has given special focus to scheme NYAY (Nyunatam Aay Yojna) which indeed looks a visionary at first glance, but it is turning out to confusing and unclear. We’ll try to examine with the facts and the claims of Congress’s leaders.
As per Congress, the scheme is meant for poorest of poor Indian people which as per congress president Sh. Rahul Gandhi’s claims, stand at 25 Crore.
Let’s do a little maths. 25 Cr / 4.5 ( family per member ) = 5.55 Crore families
5.55 Cr * 72000 = 399600 Crore INR
3996000000000 INR = 57263999427.36 US$ OOps !!
But as per Indian govt’s reports of 2011, the population of people living under the poverty line ( 1.25$ ) was about 276 million i.e. around 22 %, while world bank estimated it to be 23.6%. So, do we have really that much poor people living in India in the year 2019? what is the exact no. of poor?
As per World poverty clock, India is already heading to get rid of poverty within this year itself as it is on 20.9 % current escape rate which is almost 3X of the targetted rate of 7.06 %. By Mid November 2019 the population below the poverty line will be under 3 %, which means 4 Crore or 88 Lacs Families (considering 4.5 members per family, i.e National average members per family).
World poverty clock covers around 99.7 % of World population and uses publicly available data on income distribution and consumption provided by the UN, World Bank and IMF.We must wait for further clarification from Congress leaders and economists. If Congress is elected to power, this scheme can put our fast-growing economy under pressure, and looking at the past of party some of the people are taking a dig at President Rahul Gandhi and calling it a preparation for another scam!
Feedback/suggestion/comments are welcome.
2. World poverty Clock: https://worldpoverty.io/