New Delhi, Mar 8 () On the International Women's Day, industry body Assocham advocated for introduction of universal basic income for women, saying it can lead to a significant transformation in India's socio-economic landscape.

The chamber drew the idea from the Economic Survey 2016-17, which had said: "A UBI for women can not only reduce the fiscal cost of providing a UBI (to about half) but have large multiplier effects on the household.

"Giving money to women also improves the bargaining power of women within households and reduces concerns of money being splurged on conspicuous goods," it said.

The Economic Survey 2016-17 was tabled by Finance Minister Arun Jaitley in Parliament on January 31.

"While India may not be ready for an all encompassing UBI, given the country's scale of development where the difference between the rich and poor remains quite wide and it may not be an equitable thing to extend similar benefits across all strata of the economic paradigm, the women-only UBI can be considered favourably," Assocham said.

It argued that if women have money in their accounts, their economic and social status would see a tremendous uplift. In the long run, this would also bring in corrections in the adverse sex ratio as the society would see women as an empowered lot.

The concept of universal basic income entails a fixed amount being transferred to the accounts of beneficiaries irrespective of their economic or social status. It is premised on the principle that an equitable society should guarantee a minimum income to each individual for access to basic needs.

"The issues of child mortality, infant mortality and even nutrition during pregnancy can be addressed if UBI is extended to women.

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Industry body bats for universal basic income for women - Times of India