Identify and explain the concepts from the given illustrations
1) Kusumtai knowingly set up her business enterprise
in the rural area so that people living there could be
A. Identified concept: Rural industrialization.
B. Explanation of concept: Rural industrialization is a strategic process of establishing industries in rural areas to generate employment opportunities in rural areas Which in turn, leads to economic growth and development of the country.
2) Raoji purchased a new tractor for his farm by
taking a loan.
A. Identified concept: Productive agricultural credit.
B. Explanation of concept: The agricultural credit that is used for agricultural productive activities is called productive agricultural credit.
3) Subsidized credit is provided by banks to small
farmers for purchase of high yielding variety
A. Identified concept: Short-term credit.
B. Explanation of concept: Short-term credit refers to loans not exceeding two years. It is provided by banks to cultivators for purchase high yielding variety (HYV) seeds, fertilizers, etc.
4) Damaji borrows loan from a credit society
established in the village this season rather than
taking it from a moneylender.
A. Identified concept: Institutional source of agricultural credit.
B. Explanation of concept: A source of agricultural credit that is owned, managed, or regulated by government is called an institutional source of agricultural credit. For example, Primary agricultural credit society.
5) Ramraoji takes a loan from the bank for a period
of ten years subject to terms and conditions for the
purpose of irrigated farming.
A. Identified concept: long term agriculture credit
B. Explanation of concept: long term agriculture credit refers to loans that are taken for a period of more than five years