Question

cheap and affordable credit is crucial for the country's development explain the statement with five points ​

Answer 1

Hey mate

Cheap and affordable credit is crucial for the country's development due to the following factors:

More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries.

Cheap credit means more income would be left with the borrower to reinvest rather than return as interest. This leads to acceleration of economic activity.

Cheap credit would also allow weaker sections of society to enter formal sector of lending and rid them of exploitation at the hands of informal moneylenders. Thus, it may improve the economic condition of the poor and landless

Hope its help.

Answer 2

Answer:

Hey ! mate your answer is -

1.Cheap and affordable credit helps the poor people to raise it easily .

2.Helps people to raise loan easily and hence there will be increase in economy .

Hope that it helps you.

Please mark it as brainliest.