Article Title: Nyuntam Aay Yojana
27-02-2023
Polity & Governance Prelims Plus
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Nyuntam Aay Yojana(NYAY) is a proposed minimum income guarantee scheme. It was first proposed during the 2019 Lok Sabha elections.
The target population of the Scheme will be 5 crore families. This constitutes the poorest 20% of all families.
Each family will get a guaranteed cash transfer of Rs. 72,000 a year those who are belonging to the more vulnerable sections of the society as it aims to raise their standard of living.
Under the Nyuntam Aay Yojana, the State Government ensures to provide basic support to the poor people to overcome the economic problem in the state. This scheme is also known as “Minimum Income Scheme” it proposes to create sustainable growth of all these poor people that further help with improving their standard of living in society.
This scheme aims to promote health, education and economic empowerment of people who are living below the poverty line.
The money will transfer to the account of a woman of the family who has a bank account. If she doesn’t have the account, they will be urged to open a bank account.
The estimated cost will be <1% of GDP in Year 1 and <2% of GDP in Year 2 and thereafter. As the nominal GDP grows and families move out of poverty, the cost will decline as a proportion of GDP.
The NYAY Scheme will become a joint scheme of the Central and State Governments.
New revenues and rationalisation of expenditure will fund the new scheme. Current merit subsidy schemes that are intended to achieve specific objectives will be continued along with the NYAY scheme.
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