FATEHGARH-SAHIB, India — When the unseasonably heavy rains flooded the fields, and then the equally unseasonable heat shriveled the seeds, it didn’t just slash Ranjit Singh’s wheat harvest by nearly half.
It put him, and nearly all the other households in his village in northern India, that much further from financial stability in a country where a majority of people scratch out a living on farms. Like many Indians, Mr. Singh is saddled with enormous debt and wondering how he will repay…
