More women needs to be brought in to formal sector, insists IMF

Appreciating the impressive progress in reforms in recent years

The International Monetary Fund has said that India needs to focus as a priority on ensuring that more women work in the formal sector.

This is as part of the ongoing labour reforms.

This was said that Ken Kang, the deputy director in International Monetary Fund (IMF) Asia Pacific Department.

Appreciating the impressive progress in reforms in recent years, he said that this is one of the most important policy priorities.

He said that besides that even the issue of reducing complex regulations and efficiently addressing supply bottlenecks particularly in the agricultural sector needs to be done.

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 recapitalization plan for the public-sector banks in order to accelerate the work out of nonperforming loans.

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