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We need to ____ formal credit sources in India.

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Detailed Solution

We need to expand formal credit sources in India. For the sake of the growth of the country, formal credit sources in India must be increased. Credit that is inexpensive and accessible is essential for the growth of the country. It is critical that formal credit is allocated more fairly so that the underprivileged can take advantage of the more affordable loans.
The impoverished typically must rely on unofficial credit sources, whereas formal credit is typically only available to wealthier households. Due to their high-interest rates, most loans from unregulated lenders do virtually little to enhance borrowers' income.

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