India has been shining bright on the world map however, the conditions in the rural areas of the country can still only be described as abysmal. While people in the urban areas enjoy world class facilities, almost 73% of rural India is yet to get access to formal avenues of financial credit. As a result of this, even today many in the rural parts of the country still fall prey to the archaic money lending system where the interest rates are extremely unreasonable.
Banks continue to play an increasingly vital role in paving India’s path to becoming an Asian superpower. However, there needs to be presence of these formal sources of credit in the rural parts of the country so that the poor are able to free themselves from the vicious circle of interest and repayment of the principal.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
The situation in rural areas is extremely abysmal. The number of educated unemployed with blank face and dazed eyes staring at blank future is really pathetic and cruel horror. They can be easily lured on wrong tracks by shrewed, criminal and ruthless politicians for their personal gains, the corrupt, licensed criminals like administration, police and judiciary. There is little scope for career guidance, self employment, rural banks encouraging rural youth to pursue agriculture, horticulture, fruit plantations, easy availability of low interest long term differed loans for land development, purchase of modern agricultural equipments/machinery, seeds & fertilizers and agricultural/crop insurance etc., that can bring rapid economic development in rural areas along with development of agro-industries. Hassle free, corruption free, single window system for land title deed transfers and other land records.