a. Where did Tata Rao purchase the boat?

Question

Read the following para and answer the questions.

Tata Rao owns this boat which he purchased from Markonda in Odisha. It cost him around Rs. 6 lakhs. He borrowed the money from private moneylenders at a high rate of interest. He couldn’t get a bank loan, as he had no fixed assets. Even for daily fishing expenses, he has to get advances from middlemen. He has to invest a minimum of Rupees. 5,000/- per trip for diesel, wages, and other things. Because he has borrowed money from the middleman, Tata Rao has to sell the day’s catch of fish to the middleman at the rate he fixes. By this time the boat is ready for sale and all the twenty members are on the boat. They go up to 15-20 kilometers in the sea. 

a. Where did Tata Rao purchase the boat?

b. Why could he not get a bank loan?

c. Where did he get advance?

d. How much money did he invest?

e. Did he have any other option to sell his day’s catch-offish to anyone at a high rate?

Answer 1

a) Tata Rao purchased the boat from Markonda in Odisha.

b) Because he had no fixed assets.

c) From Middlemen.

d) He invested Rs. 6 lakhs and a minimum of Rs. 5000/- per trip for diesel, wages, and other things.

e) No. He had no option but to sell the day’s catch of fish to the middleman.