TIL Desk/Business/Washington/The IMF believes the farm laws passed by the Indian government have the potential to represent a significant step forward for agricultural reforms, but a social safety net is needed to protect those who might be adversely impacted during the transition to the new system, a spokesperson of the global lender said in Washington.
Gerry Rice, director of communications at the International Monetary Fund (IMF), said the new measures will reduce the role of the middlemen and enhance efficiency.
“We believe the farm bills do have the potential to represent a significant step forward for agricultural reforms in India,” Rice said at a news conference in Washington on Thursday.
“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 said.
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