Question

why do we need to expand formal sourcesof credit in india?​

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.

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

Hope it helps you

Answer 2

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