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

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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.

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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Chapter 3: Money and Credit [Page 53]

Q 11.4 Q 11.3 Q 12.1

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NCERT Class 10 Social Science Economics (Understanding Economic Development)

Chapter 3 Money and Credit
Q 11.4 | Page 53

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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

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