NEW FARM LAW HAS THE ABILITY TO INCREASE FARMERS’ INCOMES: THE CHIEF ECONOMIST OF THE IMF

India's latest farm bill has the ability to raise farmers' incomes, but there is a need to provide a social welfare system for poor farmers, Chief Economist Gita Gopinath of the International Monetary Fund (IMF) said on Tuesday.

Indian agriculture sector is in need of new reforms, she added.

There are a variety of places where improvements are required, particularly infrastructure, the Chief Economist of the Washington-based international financial establishment added.

The three farm laws, implemented previous year in September, have been proposed by the Indian Government as significant reform in the agricultural industry, which will eliminate middlemen and encourage farmers to sell their produce anywhere around the nation.

"These three farm laws have been in the field of marketing. It has expanded the market for farmers, as they would be able to sell their produce to several outlets besides the mandis, without having to pay taxes. In our opinion, this has the ability to increase the income of farmers," said Ms. Gopinath while answering to a question related to new farm bill amended Indian Government.

"That said, there will be transition costs almost any time a transformation is implemented. One must ensure, and pay careful attention to, that this does not damage vulnerable workers of the agricultural sector and make sure that a social safety net is made available. Obviously, there's still a discussion right now, and we'll see what comes out of it," she said.

Hundreds of Indian farmers, from mostly Punjab, Haryana and western Uttar Pradesh, are already camping at certain border crossing points in Delhi, since 28 November 2020, making demands to revoke the farm laws and seeking a legal assurance for their crop production by the MSP.

Since then, 11 rounds of negotiations have been held between the government and the farmer union leaders, and both ends have strengthened their positions.

However, in the last round of talk, the agricultural minister Narendra Singh Tomar on behalf of central government had offered to hold the legal implementation of the three farm laws for eighteen months, and to form a joint committee that will tend to find common ground between farmer union leaders and the government, in return the government sought to dissolve the farmers protest at Delhi borders.

Whereas farmer union leaders have straightaway denied the government’s proposal to dissolve the protest and made clear that they will not be settling for anything less than complete abrogation of the three farm laws.

An umbrella entity of 40+ farmer unions, Samyukt Kisan Morcha (SKM) is leading the protest against government’s newly amended farm bill at numerous border points such as Ghazipur, Tikari, Singhu border around the Indian capital, Delhi.

The Samyukt Kisan Morcha (SKM), an umbrella body of 41 farmer unions, is leading the protest against the three Central farm laws at several border points of Delhi.

Now the supporters of the new farm law are claiming the fact that on one side we have foreigners with no knowledge on agricultural or economic studies, providing their negative view-point to the new agricultural reform of India.

And on the other side we have chief economist of IMF who backs this reform, and as per her understanding to the bill, claims an income raise for the vulnerable farmers of India. So the entire crowd is into a ‘dilemma’ as whether for which side they should be campaigning, the farmer leaders or the government. We would suggest you to use your own intellect and do some research, try to grab the copy of the bill and judge accordingly whether on which side you should be at.

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