17 WWW.ECONOMICTIMES.COM Economy: Macro, Micro & More CASH CRASH SLOWS DOWN TEXTILE, LEATHER, JEWELLERY & CONSTRUCTION SECTORS Assess Note Ban Impact on Universal Basic Income: An Idea Whose Time Has Come? Loan Offtake: Govt to Banks The government is mulling cash transfers, a form of universal basic income (UBI), to help end poverty. Opinion is divided on the scheme. ET explains: Leading lenders told to provide easier loans on priority to labour-intensive sectors IDEA GAINING NUMBERS TOO LARGE FOR INDIA potential for employment generation WHAT IS UNIVERSAL Considering the number of people in India, it is Ruchika.Chitravanshi in the country, official said. GLOBAL CURRENCY Revival Path fi scally diffi cult to offer such a dole in India @timesgroup.com India’s working population is likely to BASIC INCOME? Slow growth not (Number Of Poor, In Million) Govt nudges Industry, fi nan- increase more than 64% by 2021 accor- It is a form of social yielding jobs New Delhi: The government has asked banks to help ding to the Economic Survey 2014, po- cial services security that involves UBI can guarantee leading banks to assess credit offtake in labour intensive sing a big challenge for the government depts to meet some income to some of the most labour intensive sec- units to create adequate number of jobs. payments to anyone banks, industry everyone tors in the wake of demonetisation and representatives Various companies from leather, tex- without work or means push for easier loans on a priority ba- tile and cement sectors had raised con- of livelihood without In poor countries, 403.7 407.1 269.3 sis, a move that comes amid concerns Govt to assess credit offtake, ask cerns of falling out- conditions. it can address 1993-94 2004-05 2011-12 over potential negative impact of the banks to plug gaps in loan availability put with the Depart- extreme poverty cash crunch. Sectors including textile, Impact on textile, ment of Industrial (Based on Tendulkar criteria) committee leather, footwear, gems and jewellery, Companies Policy and Promo- leather, footwear, highlighted and construction are under the scan- jewellery, construc- tion as a result of the THE ANNUAL ner, government officials said. problems government’s deci- tion sectors related to COST OF GIVING The industry department along with ` sion on November 8, the financial services department procurement, 2016 to withdraw old `1,500 A MONTH RBI data says ` `3.6 transportation plans to hold a meeting with the banks, credit growth fell `500 and `1,000 notes TO 200 MILLION ` ` of raw material, ministries concerned and industry re- to 62-year low of as legal tender. and payment LAKH CRORE PEOPLE presentatives in the coming week to 5.1% in 2016 These companies further discuss the matter. Loan of wages highlighted pro- “We want to push all such sectors blems related to procurement and which employ a large number of peo- holding through policy. “Once the eco- transportation of raw material, and pa- TARGETED APPROACH ple, especially since many have suffe- nomic cycle picks up the demand for yment of wages to workers. red losses during the demonetisation credit will increase as well,” said DK According to data released by Reserve IT IS POSSIBLE TO PROVIDE INCOME exercise,” said a senior government of- Joshi, chief economist, Crisil. Bank of India bank credit growth fell to SUPPORT TO A TARGETED POPULATION ficial, who did not wish to be identified. Alongside, the government is focu- a 62-year low of 5.1% in 2016 from a year The government will assess credit off- sing on these sectors in its Make in In- ago. The labour intensive sectors took a THIS WILL ALLOW MORE FOCUSED take in these sectors and ask the banks dia campaign to boost manufacturing greater hit. “The pain period should be ACTION AGAINST POVERTY to plug the gaps in availability of funds. and increase the share of these sectors getting over soon. Most sectors, whet- “Many sectors have been hit and the go- in overall GDP growth. The sectors ha- her cash linked or not, get affected sin- vernment needs to provide some hand- ve been shortlisted on the basis of their ce they are interlinked,” Joshi said. SECC* ALLOWS TARGETED INTERVENTION (In Crores) Total households 24.49 Sweet Start to Budget Countdown Rural households 17.97 Households that need Our Bureau LOCKDOWN BEGINS no benefi ts (automati- 7.07 cally excluded) New Delhi: Printing of 2017-18 budget Identifi ed poor 0.16 documents started on Thursday with After the Halwa ceremony, households the annual 'Halwa Ceremony'. Finance more than 100 officials of minister Arun Jaitley and senior mini- Households that face 8.73 stry officials attended the ritual that Finance Ministry will stay some deprivation marks the beginning of lockdown for * Socio Economic and Caste Census, 2011 over 100 officials in the finance ministry. in Budget printing press till “After the Halwa ceremony, more than 100 officials of Finance Ministry will FM’s Budget Speech is over HOUSEHOLDS THAT MAY NEED HELP stay in Budget printing press till FM's Budget Speech is over," the ministry sa- ARUN JAITLEY id in a series of tweets. Finance minister As a part of the ritual, which has con- nior officials in the Finance Ministry AUTOMATICALLY DEPRIVED TOTAL TI INCLUDED HOUSEHOLD tinued for long, 'halwa' is prepared in a P are permitted to go home. 8.89 CASE FOR UBI big 'kadhai' and served to the entire The NDA government’s third full-fled- 0.16 8.73 Best way of It can help cut Direct cash Social staff in the ministry. officials and support staff, who are di- ged Budget will be unveiled in Parlia- addressing pover- down on mul- transfer inequality Finance secretary Ashok Lavasa, re- rectly associated with the making and ment on February 1as against the usual ty by providing a tiple welfare will reduce will be venue secretary Hasmukh Adhia, eco- printing of the budget, are required to date of the last working day of the next WILL BE THE COST subsistence dole schemes pilferage reduced nomic affairs secretary Shaktikanta stay in the ministry and remain cut off month. The lock-in which follows the IF EVERY DEPRIVED Das, chief economic advisor Arvind from their families till the presentation 'halwa ceremony' is observed to main- RBAN BORA Subramanian and other officers and of the Budget by the finance minister in tain the secrecy of the Budget prepara- I `1.6 RURAL HOUSEHOLD CASE AGAINST UBI staffers of the ministry involved with the Lok Sabha. tion process. IS GIVEN `1,500 A Too costly for Discourage people Temptation to ON: AN budget preparation were also present They are not even allowed to contact Budget Press in North Block houses all TI LAKH CRORE MONTH government to from seeking withdraw other at the ceremony. their near and dear ones through pho- these officials in the period leading up RA T implement employment benefi ts S The significance of the sweet dish is ne or any other form of communica- to the presentation of Union Budget in U LL that after it is served, a large number of tion, like e-mail or phone. Only very se- Parliament by the Finance Minister. I.