Image Source : PTI Farm payments have potential to symbolize important step ahead for agricultural reforms in India: IMF
The International Monetary Fund (IMF) believes the farm payments handed by the Indian authorities have the potential to symbolize a big step ahead for agricultural reforms, a spokesperson of the organisation stated.
There is, nevertheless, a have to strengthen the social security web for individuals who is perhaps adversely affected by the transition to the brand new system, Gerry Rice, Director of Communications at IMF, stated at a information convention in Washington on Thursday.
“We believe the farm bills do have the potential to represent a significant step forward for agricultural reforms in India,” Rice stated.
“The measures will enable farmers to directly contract with sellers, allow farmers to retain a greater share of the surplus by reducing the role of middlemen, enhance efficiency and support rural growth,” he added.
“However, it is crucial that the social safety net adequately protects those who might be adversely impacted during the transition to this new system,” the spokesperson stated responding to a query on the continued protests by farmers in opposition to the legal guidelines within the nation.
This might be executed by guaranteeing that the job market accommodates these which are impacted by the reforms, he stated.
“And of course, the growth benefits of these reforms will depend, critically, on the effectiveness and the timing of their implementation, so need to pay attention to those issues as well with the reform,” Rice stated.
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