Question

cheap and affordable credit is crucia for the country's development. explain.... it is in 5 mrks

Answer 1

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.

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Answer 2

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

There is huge demand for loans for various economic activities. The credit helps people to Meet the ongoing expenses of production, complete production on time, and thereby increase their earnings. Many people could then borrow for a variety of different needs. They could grow crops, do business, set up samall scale industries,etc. They could establish new industries or trade in goods. In this way, credit is very helpful in the development of a country.

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