Cheap and affordable credit is crucial for the country's development. Justify the statement
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Importance of cheap and affordable credit for
the country's development -
(1) Cheap and affordable credit would lead to
higher income.
(ii) Many people could borrow for a variety of needs
(iii) It encourages people to invest in agriculture, does
business and set up small scale industries etc.
(iv) It enables more investment which will lead to
the acceleration of economic activities.
(v) Affordable credit would also end the cycle of the debt trap.
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