When and why NABARD was set up?

Solution

There is quite a wide gap between the crop sowing and realisation of income after production hence, the farmers have to borrow money from various sources to meet their initial investments on seeds, fertilisers, implements and other family expenses (like marriage–death, religious ceremonies etc). At the time of independence, farmers were exploited by local money lenders and traders. To save the farmers from the exploitation of moneylenders and traders, the government adopted the concept of social banking and multi-agency approach during the year 1969. In a sequel to this attempt, it established National Bank for Agriculture and Rural Development (NABARD) in 1982 as an apex body to coordinate the activities of all institutions involved in the rural financing system.

Some More Questions From Rural Development Chapter

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Rural Development

When and why NABARD was set up?

Some More Questions From Rural Development Chapter

How rural development can be done?

Comment on the proportion of agricuture in the GDP of India.

Give the reasons of declining share of agriculture in GDP (Gross Domestic Product) of India.

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Mention some obstacles that hinder the mechanism of agricutlural marketing.

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Define agro-processing industries.

What are the alternative channels available for agricultural marketing ? Give some examples.

What are two types of purposes for which Indian farmers require credit?

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