'UBI fashionable but misguided recommendation,' says Arvind Panagariya

Former NITI Aayog vice-chairman Arvind Panagariya believes the Congress’ promise of NYAY will seriously damage fiscal consolidation, and large subsidies will have to be cut. However, he tells Indivjal Dhasmana in an interview that he is glad both sides of the political fulcrum are now coming out with targeted cash transfers. Now a professor of economics at the Columbia University, Panagariya was in Delhi to take part in the CII’s annual session. Edited excerpts:
 
 
In its manifesto, the Congress has promised a single GST rate. Is it doable?

Immediately, it will be very difficult and disruptive. However,