why is the there a great need expand formal sector credit in India explain any three reasons
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Answered by
11
1. TO REDUCE INFORMAL SECTOR CREDIT. 2. TO GIVE LONE IN LOW INTEREST TO FARMER .. ETC. 3. TO REDUCE THE INFLUENCE OF MONEYLENDERS OR RICH MERCHANTS.
Answered by
13
This is because of the following reasons:
1. Formal sector credit only covered the rich and well off households. To make them reach the poor households they need to be developed.
2. They need to be developed to safeguard the poor people from the high interest rates of the greedy moneylenders.
3. To cause a rise in the national economy as taking credit at low interest may in future return interest amount thus causing a rise in the economic scenario.
Hope this helps!!
Cheers!!
All the Best for your SST exams!!
1. Formal sector credit only covered the rich and well off households. To make them reach the poor households they need to be developed.
2. They need to be developed to safeguard the poor people from the high interest rates of the greedy moneylenders.
3. To cause a rise in the national economy as taking credit at low interest may in future return interest amount thus causing a rise in the economic scenario.
Hope this helps!!
Cheers!!
All the Best for your SST exams!!
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