Will manage funds for Nyay: P Chidambaram

New Delhi: If voted to power, the Congress will launch its ambitious minimum income guarantee scheme or Nyunatam Aay Yojana (Nyay) successfully and its actual cost of implementation will come to around five per cent of the total expenditure of both the Centre and states, senior party leader P. Chidambaram said on Tuesday.

Nyay was the main highlight of Congress’ manifesto, which was released on Tuesday by party chief Rahul Gandhi amid the presence of the entire Congress top brass comprising of UPA chairperson Sonia Gandhi, former Prime Minister Manmohan Singh, and former finance minister P. Chidambaram among others.

The Asian Age had exclusively reported that the Congress' manifesto would unveil Nyay, farm loan waiver, uniform GST slab and abolition of angel tax for startups.

All these promises have found prominent mention in the party's manifesto.

Later in the day while addressing a press conference, Mr Chidambaram told mediapersons that just like the UPA had successfully implemented MGNREGA and the food security legislation, similarly Nyay too will be unveiled across the country.

“Just like funds were generated for MGNREGA and food security scheme, we will generate funds for Nyay too,” said the former finance minister.

Nyay is a key promise of the Congress ahead of 2019 Lok Sabha elections and will provide Rs 72,000 annually to the poorest 20 per cent families.

The party said that the estimated cost will be less than one per cent of GDP (at current prices) in the first year and less than two per cent (at current prices) of GDP in the second year.

Once the scheme is fully implemented, it will cost approximately Rs 3.6 lakh crore. The current size of GDP is about Rs 200 lakh crore. Congress intends to implement Nyay as a joint scheme of the Central and state governments and the cost will be covered primarily by the Centre.