IMF: Farm laws are significant step forward, but there are concerns

The International Monetary Fund has endorsed the Narendra Modi government's farm laws, stating that the new legislations have the potential to represent a significant step forward for agricultural reforms in India.

However, the IMF also cautioned the government would need to address the concern of those who would be adversely impacted during the transition to the new system.

During his media interaction, IMF Director of Communications Gerry Rice said, "The Indian government recently enacted three farm laws and the farmers are on the road protesting against it. The IMF believes that the farm bills do have the potential to represent a significant step forward for agricultural reforms in India."

Gerry further said, "The measures will enable farmers do 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. We believe that they (farm laws) can represent a significant step forward. However, it is crucial that the social safety net adequately protects those who may be adversely impacted during the transition to this new system."

Asserting that the "growth benefits of these reforms will depend critically on the effectiveness and timing of their implementation", the IMF official said that "this may require further strengthening of the social safety net and ensuring that the job market can accommodate those that may be impacted by the reforms."

"So (India) need to pay attention to those issues as well," he said.

Ibrahim Ali Khan is fed up with Sara's 'knock-knock' jokes: Watch brother-sister duo video - ank
Video Icon
Neeti Mohan's pregnancy workout regime will leave you in awe: Watch video - ank
Video Icon
Rakhi Sawant is missing the 'Bigg Boss' house; Watch the hilarious video - gps
Video Icon
Kangana Ranaut does intense army training for Tejas; Watch video - gps
Video Icon
Johny Lever's 'Don't Touch Me' Challenge with Kids breaks the Internet, Watch here - gps
Video Icon
Kapil Sharma's daughter grooves to Honey Singh's song; Watch the cute video - gps
Video Icon
Is that Tom Cruise or somebody else's TikTok videos that took social media by storm? Watch here - ank
Video Icon
Genelia D'Souza plays tennis in Jeetendra's style; Watch this cute video - gps
Video Icon
Man blocks Ajay Devgn's car in Mumbai, asks him to speak in favour of farmers' protest; Watch viral video - gps
Video Icon
Samantha Akkineni shares a makeup video; wonders if it was actually this easy (Watch) - ank
Video Icon
Deepika Padukone's 'daily routine' left netizens in awe: Watch this candid video - ank
Video Icon
Rubina Dilaik shares famous 'kada' recipe,love-story behind her diamond ring and more - syt
Video Icon
Sohail Khan extends help to Rakhi Sawant for her mother's treatment, shares heartwarming video - syt
Video Icon
Priya Varrier falls while filming a romantic scene; Watch video - gps
Video Icon
A man shakes legs with grandmother to Badshah's 'Top Tucker'; Watch the video - gps
Video Icon
Dhruva Sarja's 'Pogaru' hurts Brahmin sentiments, director assures to re-edit scenes after protest - gps
Video Icon
Vivek Oberoi on joining 'pawri' game, shares a funny video dedicating Mumbai Police (Watch this) - ank
Video Icon
Rakhi Sawant shares heart-rending pictures of mother undergoing cancer treatment; also performed prays  RCB
Video Icon