Question 1: Why do we need to expand formal sources of credit in India?
Question 2: Analysis the role of credit for development?
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Answer:
Formal sources of credit in India need to be expanded for the development of the nation. Cheap and affordable credit is a necessity for the development of the nation. To make sure that the poor can benefit from the cheaper loans, it is important that the formal credit is distributed more equally.
Explanation:
2nd answer
Explanation: (i) It helps in increasing economic activities of the country; thus, helps in its development. (ii) If credit is made available to the poor people at reasonable rates, they can improve their economic condition. ... (iii) Credit helped in the development of secondary sector or manufacturing sector.
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