Global Economic And Financial Crisis Essay

840 WordsAug 6, 20164 Pages
The acceleration of overall economic growth over the past decade (until the onset of the global economic and financial crisis) has been accompanied by a significant acceleration in the growth of credit in the economy. This broad trend suggests that high economic growth has been accompanied by financial deepening. However, despite such expansion of the financial sector, increasing concern has been expressed on financial inclusion in recent years (Mohan, 2012)1. One of the key feature of financial deepening is that it accelerates economic growth through the expansion of access to those who do not have adequate finance themselves (ibid. 2012)2; and among all those who do not have finance, the farming community in the agricultural sector has been the most prominent one in all the developing countries in general and India in particular. Agriculture is an indispensable reality for promoting livelihood for the majority of the population in developing countries and the fact is that agricultural growth is a fundamental pre-requisite for widespread poverty reduction in developing countries. It plays a crucial and a multidimensional role in the development process. In addition to its role of providing livelihood, agriculture also plays a paramount role in promoting economic growth through production and consumption linkages by generating export earnings, labour, capital and domestic demand to support growth in other sectors (Johnston &

More about Global Economic And Financial Crisis Essay

Open Document