Social security CEA Anantha Nageswaran says Universal Social Security not for countries like India focusing on economic growth
Lucknow: Chief Economic Advisor (CEA) V Anantha Nageswaran on Friday said the concept of Universal Social Security is not good for developing economies like India, which need to work on economic growth to realise the aspirations of their citizens.
Speaking at a CII event in Lucknow, Nageswaran said Universal Social Security sets the ground for "perverse incentives" for people and discourages them from pursuing income-generating opportunities.
He opined that India is yet to reach such a state where Universal Social Security is a moral or economic necessity.
Such financial support may be confined to people who are not able to engage in economic activities and bring them to a point where they can meaningfully participate in the economy, he said.
