Question

Explain the role of primary credit societies in rural development.

Answer 1

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Role of primary cooperative society:-

• Cooperative societies play a vital role in ensuring that the nation’s economic progress confirms to the requirements of democratic planning. The institution of a cooperative society provides support and sustainability to rural economic activities.

• The poorly equipped rural folk struggling to cope up with rural indebtedness and the evils of usury, need resources.

• Small and marginal farmers need support in the form of inputs harvesting, storage facilities distribution channels and a network of market information system.

• Technical guidance is required to help agriculturists in processing their produce and reap benefits through value addition.

• The village artisan faced with competition from the organised sector finds it difficult to maintain his traditional employment.

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Answer 2

Explanation:

Credit plays a vital role in economic growth and development.

Credit availability at cheaper rates of interest encourages the business or firms to borrow more.

Borrowing more money will facilitate the growth of business or increase in production in the economy.

So, credit supply is the key factor for economic development.