What is credit? Explain the importance of agricultural credit?
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Credit is one of the most crucial but scarce inputs used in agriculture. Farm credit is an important instrument, which has been used to increase agricultural productivity. Credit is the most important input of modern farming. The importance of credit has many facets in the Indian economy.
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Credit refers to an agreement in which the lender supplies the borrower with money , goods or services in return for the promise if future payments
Importance of agricultural credit :-
♥ It provides capital to acquire any kind of productive assets, land and/or machinery.
♥ It provides the means for many farmers to adjust their operations to keep up with the constant changes and to improve their operations.
Hope it helps !!
Shreya ❤
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