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Former NITI Aayog Vice-Chairman Arvind Panagariya has said the implementation of the Congress Party’s ambitious ‘NYAY’ scheme not only poses a “fiscal challenge” to India’s economy but also has a “serious incentive problem”. Panagariya, who served as the first Vice-Chairman of NITI Aayog for two years from 2015 to 2017, said NYAY is difficult to implement and unlikely to achieve its intended objective.“It raises three major questions — the incentive compatibility issue, the fairness issue and fiscal challenge,” Panagariya said.
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