Q. 24.8( 6 Votes )

Discuss the importance of credit in rural development.

Answer :

The rural economy majorly depends on agriculture for their livelihood and unless, they get paid for selling their crops and produce, they borrow money from various sources. This money is borrowed to infuse as capital for seeds, fertilisers, pesticides and also meet their basic day to day requirement since the gestation time period between the sowing of the crops to realisation of income from their production is quiet long. Thus, establishment of proper credit facilities and institutions is vital for progressive development of the rural sector at low rate of interests to meet the requirement of the people.

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