Friday, January 22, 2021
Home Business IMF: Empowering Women Is Smart Economics

IMF: Empowering Women Is Smart Economics

IMF says, Getting more women into formal workforce is priority for India

India must focus as a priority on ensuring that more women work in the formal sector as it continues with labour reforms, according to Ken Kang, the deputy director in International Monetary Fund (IMF) Asia Pacific Department.

While “in recent years India has made very impressive progress in reforms,” he said that “looking ahead there are important policy priorities” and listed three among them.

“One, is to continue improvements in product and labour market reforms with a focus on increasing formal female labour participation to improve the business environment, and reduce complex regulations, but also to address supply bottlenecks, particularly in the agricultural sector and distribution networks,” Kang said at a news conference on Friday in Washington.

As one of India’s major reform achievements, he mentioned the “introduction of flexible inflation targeting and of a statutory monetary policy which has helped to strengthen the monetary policy framework.”

Working woman
Working woman. Pixabay

The Reserve Bank of India Act was amended in 2016, to provide for a Monetary Policy Committee that decides on the interest rate required for achieving the inflation target set by the government in consultation with the bank.

The other achievements include the Goods and Services Tax (GST) and the “major recapitalisation plan for the public-sector banks in order to accelerate the work out of nonperforming loans, as well as made some important legal improvements through a new insolvency and bankruptcy law,” Kang said.

“We expect and hope that the reform momentum continues,” he added.

Also Read: Newly Developed Tool to Battle HIV in Women

“We are not saying that India’s structural reform speed will slow down because of elections,” Changyong Rhee, the IMF director of the Asia Pacific Department said.

“What we are saying is that the growth momentum and the structural reform momentum should continue despite the election period. So there is something misquoted,” he added.

On Thursday, IMF Managing Director Christine Lagarde had said at a news conference on Thursday, according to the IMF transcript: “We have seen and we are seeing — I am not sure that we will be seeing in the next few months given the elections that are coming up — major reforms that we had recommended and advocated for a long time.”  IANS

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

People Following COVID Rules Due To Social Influence

People are more likely to follow Covid-19 restrictions based on what their friends do, rather than their own principles, a new study suggests. The findings...

Rise In Obesity Rates Due To Brain Pressure Disorder

A brain pressure disorder called idiopathic intracranial hypertension is on the rise, and the increase corresponds with rising obesity rates, a new study suggests. Idiopathic...

Prostate Cancer Can Be Detected By AI Through Urine

A novel Artificial Intelligence (AI)-based technique may help in diagnosing prostate cancer from the urine within only twenty minutes with almost 100 percent accuracy,...

Heart Disease Risk: Women Under 55 With Diabetes

Women, who are under 55, with Type-2 diabetes are at greater risk of developing coronary heart disease, a new study suggests. The study indicates...

Women Sailing Crew To Fight Against Marine Plastic Pollution

The Commonwealth Secretariat has signed a Memorandum of Understanding with 'eXXpedition', a non-profit organization that runs all-women sailing expeditions to research the causes of...

A screening Tool To Diagnose Depressive Symptoms In Early Pregnancy

Researchers have identified a screening tool that may help diagnose depressive symptoms and other mental disorders in early pregnancy. The study, published in the...

AI To Read The Facial Expressions Of Women In Distress

The Lucknow police are deploying facial recognition technology backed by security cameras that will read expressions of women in distress and alert their nearest...

Queer Spaces To Check Out In Philadelphia

In 1965, four years before the Stonewall Riots in New York ignited the worldwide modern gay rights movement, a group of protesters began an...

Recent Comments