NYAY - Nyuntam Aay Yojana or Minimum Income Support Programme

NYAY schemes that suppose to eliminate the poverty of people - what is the exact scheme and why it's the again in the focus of media? The suggestion of Rahul Gandhi to the government.

NYAY 

Nyuntam Aay Yojana 

Yesterday, former president of Indian National Congress (I) Shri. Rahul Gandhi in communication in the online press conference in the situation of COVID-19 pandemic raised the demand for implementation of the NYAY yojana/schemes on the priority basis for a temporary period, but the question is, Would the government will take the suggestion of his? Here are the few FAQ on the NYAY

FAQ

• What is NYAY? and Inception of NYAY?
• What is the core point of the NYAY scheme?
• Why NYAY should be implemented?
• What are the features of NYAY?
• How the scheme was to be implemented?

Here's the answer of the above-mentioned FAQ. 

What is NYAY? and Inception of NYAY?

The NYAY is the inception of Congress party through the manifesto's announced on 3rd March 2019 in the general election of 2019, the core meaning of NYAY is Nyuntam Aay Yojana (NYAY) or Minimum Income Support Programme. Do not confuse the NYAY with Hindi literal meaning as Justice, but it is for the justice for people of poverty class by giving them the minimum amount in their account through Adhar.

What is the core point of the NYAY scheme?

Nyuntam Aay Yojana (NYAY) announced with the core point of the abolition of poverty remains the foremost goal of Congress and as ‘No Indian Family Shall Be Left Behind’. As they mentioned in their manifesto's that they recall with the pride of lifted 14 crore people, out of poverty between their government tenure of both UPA-1 and UPA-2, and wanted to continue with the NYAY to the elimination of abject of poverty by the year 2030.

Why NYAY should be implemented?

The rapid and broad-based growth will reduce the poverty of the people, in consideration of medium and long term effect on the elimination of poverty. And, at the same time, the decisive and focused intervention has the capacity to eliminate poverty within a decade. Therefore, by setting the goal of elimination of abominable poverty by the year twenty-thirty.

As the size of India’s GDP and the level of Total Expenditure (Central and State Governments) would allow the party to undertake an ambitious programme of cash transfer to the underprivileged sections of the people without in any way touching the goal line of fiscal prudence.

What are the features of NYAY?

The major features of the Nyuntam Aay Yojana (NYAY) or Minimum Income Support Programme (MISP) will be -

1. The mark populace will be 5 crore families who constitute the lowliest 20 per cent of all families. They will be the beneficiaries of NYAY; 
2. for each family will be guaranteed a cash transfer of Rs. 72,000 a year; 
3. As far as possible, the money will be transferred to the account of a woman of the family who has a bank account or who will be advised to open a bank account; 
4. There will a Design phase (three months) followed by a Pilot and Testing phase (Six–Nine months) before roll-out;
5. The rollout will be implemented in phases; 
6. The projected cost will be <1 per cent of GDP in Year 1 and <2 per cent of GDP in Year 2 and thereafter.
7. As the nominal GDP produces and families move out of poverty, the cost will decline as a proportion of GDP.  

How the scheme was to be implemented?

Congress government would suppose to appoint an independent panel of eminent social scientists, economists and statisticians to oversee the design, testing, rollout and implementation of the programme. The programme would move from one stage to the other only after a ‘go ahead’ from the panel. Congress government would intend to implement NYAY or MISP as a joint scheme of the Central and State Governments. The scheme will be funded through new revenues and rationalisation of expenditure. Existing merit subsidy schemes that are proposed to achieve specific objectives would be continued.

Why INDIA need the NYAY in COVID-19?

A statement delivered by the Shri. Rahul Gandhi on NYAY in the yesterdays' press conference with the journalist, he forcefully mentioned that for reboot the economy of small and long economical industries we should have to transfer money in the account of the people, by what we could maintain the balance between the supply and demand of the goods, and this is the only way to pull up the socks of us to start to regrow again and boost the economy as many people loos their jobs in the pandemic condition of COVID-19. 

These all are the answers on the implementation of the NYAY in the pandemic condition of COVID-19 which raised by the former president of congress party Shri. Rahul Gandhi.