A FAB Idea
FAB ( FinancialAccess@Birth) ( IE, 10/3) is a fabulous idea indeed! It is an idea for which the time has come. Bhagwan Chowdhary of the University of California should be applauded for his novel idea which has received support from prominent people. Now that GOI is going ahead with UID, it is a feasible idea as well. If there is anything that can empower the people apart from education and health, it is the access to credit. The Tendulkar Committee report tells us that one-third of the country is still poor. If the state can provide these three things – health, education and credit – to the poor, India should be able to abolish poverty in the next 10/20 years. It may unleash innovation and enterprise in the country.
Ever since I heard in Saudi Arabia, where I was working for a couple of years in the early 'eighties, that all graduates were entitled to 50,000 riyals to start their life, I fancied we in India should have similar facility. It could be Rs.5000 at birth or Rs.50,000 to each child when he/she reaches the age of 16/18 to start his/her life after the graduation or vocational education irrespective of gender. This may empower women more than the recent reservation bill This amount could be used to build a house, or improve whatever occupation the person has learnt or inherited. Primary education and vocational education should be made free. This is the only way we can empower the poor. Of course, there should be a monitoring body, an NGO or a rural bank, to prevent misuse.
March 17,2010.
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