transfer to the poorest Indian households. In a randomized controlled trial that follows these
households over ten years, we find positive effects on consumption (0.6 SD), food security
(0.1 SD), income (0.3 SD), and health (0.2 SD). These effects grow for the first seven years
following the transfer and persist until year ten. One main channel for persistence is that
treated households take better advantage of opportunities to diversify into more lucrative …