Question

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

Answer 1

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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

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.