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In India, about 80 per cent of farmers are small farmers, who need credit for cultivation. Suggest some ways by which small farmers can get cheap credit. - Social Science

One Line Answer

In India, about 80 per cent of farmers are small farmers, who need credit for cultivation.

Suggest some ways by which small farmers can get cheap credit.

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Solution

Self-help groups and cooperative banks do not require a collateral as a guarantee; hence, they can provide cheap credit to the small farmers.

Concept: Informal Institutions - Local Money Lenders, Landlords, Self Help Groups, Chit Funds and Private Finance Companies
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