History, asked by bunny7970, 9 months ago

answer of question 12

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Answered by yuvikacool123

Explanation:

Cheap and affordable credit plays a crucial role for the country’s development.

Reasons are

(i) The credit helps people to meet the ongoing expenses of production and thereby develops their businesses in agricultural and industrial areas.

(ii) For middle-class people, loans help a lot in

constructing their houses and get rid of monthly rents.

(iii) It raises the standard of living and social status of the common man by enabling them to buy automobiles, electronic items, etc.

Answered by goodgirl85058

Answer:

Formal sources i.e. banks and cooperative society are crucial for country's development. These sources of credit help the borrower to make make more profit with higher income which will help him/her to expand their business thereby increasing the economy of the country

Explanation:

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