Question

why do we need to expand formal sources of credit in India ?​

Answer 1

Answer:

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Explanation:

There is need to expand formal sources of credit in India as:

(i)This would lead to higher incomes and many people could then borrow cheaply for a variety of needs.

(ii)They could grow crops, do business, set up small-scale industries etc.

(iii)They could set up new industries or trade in goods.

Answer 2

Answer:

We need to expand formal sources of credit in India because :

It would lead to higher outcomes of income

They could hey could grow crops, do business, set up small-scale industries and many more

The formal sector credit in India includes loans from banks and cooperatives

Explanation:

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