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File photograph of IMF constructing
There is a must strengthen the social security internet for many who is likely to be adversely affected by the transition to the brand new system, Gerry Rice, Director of Communications at IMF, mentioned at a information convention in Washington on Thursday.
- PTI WASHINGTON
- Last Updated: January 15, 2021, 07:09 IST
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The International Monetary Fund (IMF) believes the farm payments handed by the Indian authorities have the potential to characterize a big step ahead for agricultural reforms, a spokesperson of the organisation mentioned right here. There is, nevertheless, a must strengthen the social security internet for many who is likely to be adversely affected by the transition to the brand new system, Gerry Rice, Director of Communications at IMF, mentioned 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 mentioned. “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 mentioned responding to a query on the continued protests by farmers in opposition to the legal guidelines within the nation. This will be performed by guaranteeing that the job market accommodates these which are impacted by the reforms, he mentioned.
“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 mentioned.
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