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IMF believes agriculture bills have potential to mark a big step in agri reforms

IMF believes agriculture bills

According to the International Monetary Fund (IMF) organization’s spokesperson,  the agriculture bills passed by the Indian government have the potential to mark a big step forward in agricultural reforms.

However, Gerry Rice, Director of Communications at the IMF, said at a news conference in Washington on Thursday that there is a need to improve the social safety net for those who may be adversely impacted by the switch to the new system.

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Rice stated that the IMF believe the News agriculture law 2020 have the potential to mark a big step forward for India’s agricultural reforms.

Further he added that these initiatives would help Indian farming community to contract directly with buyers, enable farmers to maintain a higher portion of the surplus by minimizing the involvement of intermediaries, improving productivity and promoting rural agri growth.

The spokesperson in response to a query on the ongoing farmers’ protests against the country’s laws, said that “It is important, however, that the social security net sufficiently supports those who may be adversely affected during the shift to this new framework.”

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This can be achieved by ensuring that those that are affected by the changes are accommodated by the job market, he stated.

Rice also said that ‘Obviously, the economic benefits of all these initiatives will depend, significantly, on the efficiency and timing pace of their adoption, so both the problems and the reform have to be addressed’.