Question

Why do we need to expand formal sources of credit in India.
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Answer 1

Answer:

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

Explanation:

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Answer 2

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